FAR Overhead Audits

Twenty years of experience performing FAR overhead audits

The challenges that A/E/C firms face when contracting with a government agency are complex and unique – do not rely on a CPA firm that does not specialize in this area.  Michael B. Hughes, CPA, has twenty years of experience performing FAR overhead audits in compliance with the Federal Acquisition Regulations. Over this period of time, he has built relationships and submitted audit reports to numerous state and federal agencies for their review and acceptance. Michael has an in depth knowledge of the Federal Acquisition Regulations (FAR), the AASHTO Audit Guide, and the intricate details included in both sets of regulations. He attends conferences on a regular basis and monitors proposed and enacted changes to the AASHTO guide to provide his clients with accurate and timely advice regarding the impact of this guide on their indirect cost rates.

MBH CPAs strives to add value to your Company throughout the FAR Audit

FAR Overhead Audits are conducted Nationwide

Michael B. Hughes, CPA, Inc. utilizes various guidelines when developing the audit work programs for the overhead rate audits. All audits are conducted in accordance with Generally Accepted Auditing Standards, and the auditing standards contained in the Government Auditing Standards issued by the Comptroller General of the United States of America as well as the AASHTO Audit Guide. The schedule of indirect costs will be audited for compliance with the cost accounting principles established in the Federal Acquisition Regulations (FAR) and more specifically FAR 31. We understand and appreciate that no two firms are the same; we tailor our audit work programs accordingly to deliver a quality product at a reasonable and competitive fee. Although we are headquartered near Boston, we are available to travel throughout the United States to meet client needs.

As part of our services, and included with our fee, at the conclusion of the audit we will have an exit conference with the appropriate members of the management team to review the current year audit results. At this time, we will have a detailed discussion regarding the items that have played a role in determining the current year audit results, as well as a proactive discussion regarding the projected rate for the upcoming year.

Because we are a small firm we are able to be responsive to your needs no matter the time of year. During the course of the year, as with all of the services we provide, we are available to discuss and strategize with our clients regarding their prior audit results as well as helping to develop preliminary rates for the upcoming year.

Please contact us to discuss how Michael B. Hughes, CPA, Inc. can work with you to maintain your compliance with the applicable regulations as they pertain to your indirect cost rates.