FEDERAL ACQUISITION REGULATION

The team

Phillip Dalrymple

Phillip Dalrymple, CPA,

Shareholder, Assurance

Charlie Charvoz, CPA, CrFa

Shareholder, Tax & Assurance
Karly Meza

Karly Meza, CPA

Assurance Manager

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What is FAR?
The Federal Acquisition Regulation (FAR) is a comprehensive, detailed series of requirements issued by various branches of the federal government to regulate sales from contractors to certain government branches or federally-funded programs. The regulations lays out the terms under which the government contracts for; obtains ownership, title and control of; and pays for goods or services. It defines the rules governing contractor conduct including cost accounting, specifications, and billing. These regulations are complex and involved, and may apply differently to companies based on size and other factors, and the documentation and reporting requirements for compliance can seem overwhelming.

Solutions for New Contractors

  • Set up or review your accounting system
  • Consult on project cost measurement and reporting
  • Review cost accounting compliance with regulatory and contractual requirements
  • Develop indirect cost rate structures and implement systems to collect and allocate costs accordingly
  • Assist with pre-award and periodic accounting system reviews by a government agency

Solutions for Existing Contractors

  • Perform incurred cost audits for submission to the appropriate governmental agency
  • Review internal controls to ensure proper segregation of general and administrative costs
  • Assess proper segregation of direct, overhead, and G&A expenses
  • Analyze costs to determine whether they are reasonable, allowable, and allocable
  • Maximize reimbursable cost recoveries
  • Respond to audit requests by oversight organizations
  • Prepare or review:
    • Incurred Cost Electronic (ICE) proposals for submission to government auditors
    • Indirect cost rates in accordance with the American Association of State Highway and Transportation Officials (AASHTO) standards
    • Other rate proposals, compliance reports, or required audits