FAR Audits – Columbia (SC)
Federal Acquisition Regulation (FAR) – Columbia (SC)
Columbia and South Carolina government contractors, architectural and engineering firms, and other companies are often required to undergo a Federal Acquisition Regulation (FAR) audit. Organizations working on government contracts involving cost reimbursements, incentives, time and materials, and labor-hour contracts must comply with FAR 31 Regulations. This compliance ensures proper overhead rate calculations and adherence to cost accounting standards (CAS). For those bidding on government contracts, it is essential to prepare by developing a compliance strategy, optimizing indirect recovery costs, and improving financial controls. Whether your business is already subject to the requirement, or needs assistance preparing for FAR compliance, McKonly & Asbury can help.
FAR Audit Experience
McKonly & Asbury has extensive experience working with organizations subject to FAR 31 regulations, including conducting effective and efficient FAR audits and consulting with organizations that are preparing for compliance. In addition, our team publishes articles, leads learning opportunities, and actively participates in industry associations as a sign of our leadership in the industry. We view this as essential to stay current with the regulations, delivering timely insights so you can make informed decisions about the opportunities and challenges in front of your organization.
Industry Involvement
FAR Audit & Consulting Services
Our services help firms reduce risk, protect profitability, and gain a competitive advantage in government contracting:
FAR Overhead Audits
- Accounting system and internal control reviews
- Overhead rate calculation (indirect cost rates)
- Executive compensation review and analysis
- Audit preparation and support
FAR Overhead Consulting
- Policies and procedures development
- Indirect cost rate strategy
- Pre-award and incurred cost submission (ICS) reviews
- Year-round compliance support
FAR Audits - Frequently Asked Questions (FAQ)
Securing federally or state-funded contracts often requires compliance with Federal Acquisition Regulations (FAR). Failure to comply can result in disallowed costs, reduced reimbursements, or even failed prequalification, putting valuable contract opportunities at risk. Ensuring compliance through audits and consulting helps your organization avoid costly mistakes and stay eligible for government-funded projects.
A FAR overhead audit provides an independent look at your indirect cost rate calculations, accounting systems, and internal controls to ensure compliance with FAR. The audit helps ensure that overhead costs are classified correctly, allowable under FAR, and properly allocated. This process helps your firm avoid audit findings, maintain eligibility for government contracts, and optimize your cost recovery.
Our FAR consulting services provide expert guidance to help your organization develop policies and procedures that align with FAR and AASHTO. We assist with accounting process reviews, executive compensation analysis, and the creation of compliant cost allocation practices. Proactive consulting ensures you meet regulatory requirements and are always audit-ready, streamlining compliance and improving financial efficiency.
Contact our Columbia FAR Audit Team
McKonly & Asbury provides Federal Acquisition Regulation (FAR) Audits to companies and government contractors from our Pennsylvania office locations. Interested in learning more about the FAR consulting services offered to companies in Columbia and South Carolina? Complete the form below and a team member will follow up with you shortly.
About Columbia (SC)
Columbia, the capital city of South Carolina, has a diverse and growing business community that spans a range of industries. Here are some of the most prominent sectors:
- Government: As the state capital, Columbia is home to many government agencies, including the state government, federal government, and the University of South Carolina.
- Healthcare: Columbia is home to several major hospitals, medical centers, and research institutions, including Palmetto Health and Providence Hospital.
- Manufacturing: Columbia has a strong manufacturing sector, with companies specializing in aerospace, automotive, and pharmaceuticals, among other areas.
- Education: Columbia is home to several colleges and universities, including the University of South Carolina and Midlands Technical College, which support a thriving education industry.
- Technology: Columbia has a growing technology sector, with many startups and established companies in fields such as software development, cybersecurity, and biotech.
Overall, the business community in Columbia is known for its collaboration, innovation, and commitment to community development. The city is a hub of activity for many industries, with a strong entrepreneurial spirit and a supportive environment for small businesses.