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