When architectural and engineering (A/E) firms propose or work on government contracts, they are often asked to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies also request that the overhead rates be audited by a CPA. States and local governments are increasingly requesting these types of audits, better known as FAR audits. FAR audits are unique engagements tailored for A/E firms and are not the same as financial statement audits. The purpose of this article is to inform A/E firms about these audits, and the things they should consider if they are thinking about obtaining a FAR audit.
To Download a copy of the Whitepaper, Preparing Architectural/ Engineering Firms for FAR (Overhead Rate) Audits, click here.
Written by: Andrew Henderson, CPA, CVA
Andrew Henderson is a Principal with Thompson Greenspon and has been with the firm since 2002. He specializes in providing auditing, accounting and consulting services to various industries including government contractors, professional service firms, employee benefit plans and nonprofit organizations.
Andrew’s expertise includes accounting policies and cost principles for Federal government contractors as well as knowledge of Federal Acquisition Regulations (FAR). He regularly assists our government contracting clients with overhead incurred cost submissions for the Defense Contract Audit Agency (DCAA) as well as our architectural and engineering firms with FAR audits of overhead rates in accordance with guidelines established by the American Association of State and Highway Transportation Officials (AASHTO).
Prior to joining Thompson Greenspon, Andrew served as an associate for a regional firm specializing in forensic accounting and litigation consulting. Andrew holds a Bachelor of Business Administration degree in Finance and Economics from James Madison University, and he completed his accounting studies at the University of Virginia’s School of Continuing & Professional Studies.
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