Assurance Services for Engineers and Contractors

Engineers and contractors who want to provide services for local, state and federal governments will be faced with specific financial reporting requirements to be licensed, bonded or accepted as a contractor.

Surety Bonding Requirements

Fulton & Kozak will provide practical review of internal reporting systems and controls to improve productivity and provide meaningful reporting. When bonding is required to secure a government contract, Fulton & Kozak will:

• Audit or review the financial statements required by the bonding organization
• Advise on program structure to increase your bonding capacity
• Assist in loan negotiations with your bank
• Assist in choosing a bonding agent

Indirect Cost Audits (FAR Audits)

Federal Acquisition Regulation requirements define how overhead costs may be calculated. The Fulton & Kozak FAR Indirect Cost Audit includes:

• Audit the overhead rate calculated in the schedule of indirect costs
• Review internal controls to insure that direct and indirect expenses are properly separated and that allowable and unallowable expenses are identified
• Review of accounting systems for compliance with regulatory and contract requirements
• Review of cost allocation methods to determine if they are equitable and if reimbursable costs are being recovered
• Preparation of findings report