FAR Audits – Ohio
Federal Acquisition Regulation (FAR) – Ohio
Ohio 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 Ohio 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 Ohio? Complete the form below and a team member will follow up with you shortly.
About Ohio
The Ohio business community represents a diverse and vital economic landscape that plays a crucial role in the state’s overall prosperity. Located in the Midwest region of the United States, Ohio offers a mix of industries, a skilled workforce, and strategic advantages that make it an attractive destination for businesses.
Manufacturing is a cornerstone of Ohio’s economy, with a rich history in industries like automotive, steel, and aerospace. The state is home to several major automotive manufacturers and suppliers, contributing to a robust manufacturing sector. Moreover, Ohio’s central location and extensive transportation infrastructure make it a logistical hub for the distribution of goods.
Ohio also has a strong presence in the healthcare and biomedical sectors, with world-class medical institutions and research centers. The state’s commitment to innovation has led to the growth of biotech and pharmaceutical companies, making it a hub for medical research and development.