FAR Compliance, Audits, and Consulting

Achieve Compliance, Maximize Opportunities

Securing federally or state-funded contracts means complying with Federal Acquisition Regulations (FAR), AASHTO, and GAGAS (Yellow Book) Standards. Federal agencies such as the Federal Highway Administration (FHWA) as well as state DOTs, require overhead rate submissions, cost allocations, and financial controls that stand up to audit scrutiny. Missteps can lead to disallowed costs, reduced reimbursements, or failed prequalification which jeopardize contract opportunities.

An effective overhead audit provides an independent review of your indirect cost rates, accounting systems, and internal controls to ensure compliance with FAR 31. This process verifies that overhead costs are accurately classified, allowable under FAR, and properly allocated. This can help your firm avoid costly audit findings and maintain eligibility for government-funded work.

In addition to our audit services, we also offer comprehensive FAR (Federal Acquisition Regulation) consulting. Our FAR consulting helps your organization develop policies and procedures, optimize cost recovery, and effectively prepare for agency oversight. From accounting system reviews to executive compensation analysis, the right guidance ensures your firm meets regulatory requirements while improving financial efficiency.

Navigate FAR compliance with confidence and focus on growth.

Experience. The Difference.

FAR Overhead Audit & Consulting

FAR compliance is complex, but it doesn’t have to be stressful. With the right guidance, you can reduce risk and stay focused on winning contracts. Our team helps you streamline compliance, optimize overhead rates, and stay audit-ready — delivering value at every step. Our tailored solutions include:

Accounting System & Internal Control Reviews: Ensure financial systems align with FAR, AASHTO, and GAGAS standards before an audit.
Policies & Procedures Development: Establish compliant cost allocation, billing, and financial reporting practices.
Executive Compensation Review & Analysis: Verify that salaries meet FAR Part 31 to avoid disallowed costs.
Audit Support: Prepare for agency audits or independent CPA overhead audits with specialized guidance.
Proactive FAR Consulting: Help build a long-term compliance strategy, optimize indirect cost recovery, and improve financial controls.

Fuel Your Progress

FAR compliance is an opportunity to reduce risk, protect profitability, and strengthen your position in government contracting. With open communication and a tailored approach, we simplify the process and provide actionable insights to help firms stay compliant and competitive.

Industry Involvement

FAR Audit & Consulting Solutions

How Can We Help?

Transform FAR audits into a proactive growth strategy. 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

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Thought Leadership

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FAR Compliance: Safe Harbor Overhead Rate or Audit?

FAR 31 Allowability: Firm Events

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We moved from a Big Four audit firm to McKonly & Asbury to receive services that were more relevant to private companies and scaled to our business. As a regional firm, we believed and experienced over the years that they valued us as a customer and were more aligned with our mission and vision. They’ve offered us high-quality services and played an important part in our growth and success. The folks at McKonly & Asbury are wonderful to work with and we would recommend them to anyone looking for a top-notch auditing, accounting, tax, and consulting firm.

Conestoga Wood Specialties

McKonly & Asbury has been an outstanding addition to the group of professional service providers for The Wagman Companies. We see them not just as accountants, but as partners, providing valuable insight, technical expertise and serving as a sounding board when we need it…perhaps what distinguishes them most is the balance they have struck between offering the responsiveness, accessibility, and personal touch of a small firm while providing the professional acumen and capability of much larger regional and national firms.

Wagman, Inc.

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