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RISK & COMPLIANCE ANALYSIS

Federal Acquisition Regulations (FAR) clause 52.216-7 Allowable Costs indicates that you have a cost reimbursable type federal funding award and requires you to maintain a rigorous accounting system and meticulous job cost records subject to special cost recovery rules, which will be audited!

We will perform a Risk & Compliance analysis on your current accounting system to assess whether or not it is compliant with the FAR.

OUR RISK & COMPLIANCE ANALYSIS INCLUDES

We will send you a client assistance request of all the documents that need to be tested, and get an understanding of your timeline. Then we’ll test your records and prepare a detailed report with an assessment of the adequacy of your accounting system in accordance with FAR Part 31. We will review specific areas of the company’s accounting system to ensure they are compliant:

  • Time reporting system and labor distribution
  • How costs are captured (cost pools); proper segregation of costs
  • Job costing system
  • Review of indirect rate calculation
  • Ensure GAAP is being followed including revenue recognition and government billing procedures
  • Unallowable costs are properly segregated

Once we’ve completed the report, we’ll set up a time to go over it with you in detail. If we found any red flags, we will let you know and propose solutions. If you decide to work with us moving forward we’ll apply your investment as a credit on your first statement.

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