Numerous engineering, architecture and construction firms have jumped into state and federal work in hopes of earning a profit on large contracts. But is your firm aware that Federal Acquisition Regulations (FAR) direct both how government agencies contract services and how contractors fulfill them?
Finding out too late about the requirements under FAR can result in lost bid opportunities, having to repay funds, being at a higher risk of a governmental agency audit or being unprepared for last minute, required audits. An error in a few percentage points of your calculated rate has the potential to greatly impact your overall job profit.
Stay Compliant and Proactive With Proven FAR Specialists
Get the most out of your contract and avoid the above issues with Wipfli. With inclusive knowledge of FAR requirements and experience in performing FAR audits, we help ensure you are compliant with current FAR provisions and well-prepared for future FAR-based opportunities. Engage our FAR solutions to:
- Complete the audit of your overhead schedule and related footnotes.
- Develop the most advantageous but still compliant overhead rate.
- Understand the applicability and requirements of cost accounting standards (CAS).
- Review your project costing policies and procedures, chart of accounts, accounting system and internal controls.
- Identify what costs are reimbursable under FAR Part 31.
Contact us to learn more about our FAR solutions.
Featured Thought Leader
Cameron Schwehr, CPA, CCIFPCameron Schwehr is a senior manager in Wipfli’s Spokane office. He specializes in construction accounting and, specifically, year-end financial statement audits, reviews, and compilations; Federal Acquisition Regulation (FAR) compliance; indirect cost rate consulting; contract/job cost compliance; and general taxation. He is responsible for supporting the development and growth of the Spokane office’s construction and real estate practice. In addition to his background in construction, Cameron has spent a significant amount of time working with various nonprofit entities in completing their year-end audits.
Curtis R. Olson, CPA, CCIFPCurt Olson, a senior manager in the firm’s Denver office, concentrates on providing audit and tax services primarily for clients in the construction industry. He also specializes in employee benefit plan audits and overhead rate audits in accordance with the Federal Acquisition Regulation (FAR). Curt is passionate about building strong relationships and helping his clients succeed.