Indirect Cost Rate Audits (FAR 31 / AASHTO)
If you are an architecture firm, engineering firm, or government contractor and your business requires an annual audit of your indirect cost rate, Conrad LLP has an experienced team to perform your audit to ensure compliance with AASHTO (American Association of State Highway and Transportation Officials), Part 31 of the Federal Acquisition Regulation (FAR) and applicable Cost Accounting Standards (CAS). Most state DOTs require a CPA to audit your indirect cost rate schedule every year, and the CPA performing your audit must have the required specialized knowledge to complete the engagement.
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Conrad LLP’s experience working with contractors and A/E firms, combined with our experience performing audits in accordance with Government Auditing Standards and the FAR 31 cost principles, gives Conrad LLP the unique ability to not only perform your overhead audit, but serve as a trusted adviser and consultant.
When you engage Conrad LLP as your CPA to audit your indirect cost rate, we begin the audit by gaining an understanding of your business and evaluating your internal control structure. This allows us to assess whether or not your internal controls are adequately designed and functioning properly. In addition, Conrad LLP will test your direct, indirect and overhead costs to ensure they are in compliance with FAR 31 and do not include unallowable cost. We will make sure your reporting package includes all of the typical information including an Independent Auditor’s Report on indirect cost rate schedule, listing of allowable account adjustments with FAR references, required note disclosures to the indirect rate schedule, and an Independent Auditor’s Report on internal control.
Conrad LLP can perform Overhead and Indirect Cost Rate Audits for contractors of the following public agencies:
When you engage Conrad LLP as your CPA to audit your indirect cost rate, we begin the audit by gaining an understanding of your business and evaluating your internal control structure. This allows us to assess whether or not your internal controls are adequately designed and functioning properly. In addition, Conrad LLP will test your direct, indirect and overhead costs to ensure they are in compliance with FAR 31 and do not include unallowable cost. We will make sure your reporting package includes all of the typical information including an Independent Auditor’s Report on indirect cost rate schedule, listing of allowable account adjustments with FAR references, required note disclosures to the indirect rate schedule, and an Independent Auditor’s Report on internal control.
Conrad LLP can perform Overhead and Indirect Cost Rate Audits for contractors of the following public agencies:
- California Department of Transportation (Caltrans)
- Orange County Transportation Authority (OCTA)
- Los Angeles County Metropolitan Transportation Authority (Metro)
- San Diego Association of Governments (SANDAG)
- Riverside Transit Agency (RTA)
- Riverside County Transportation Commission (RCTC)
- San Bernardino Associated Governments (SANBAG)
- Ventura County Transportation Commission (VCTC)