FAA evaluates the adequacy of internal control structures to safeguard government funds and ensure compliance with contract terms and conditions and also review whether the auditee complied with contract terms and conditions. For these types of audits, we determine if costs incurred are reasonable, allocable, eligible, and allowable in accordance with laws, regulations, and contract terms and conditions.
OMB Circular A-123 Implementation and Compliance Support
FAA provides the following services to ensure federal agencies meet the internal control requirements specified in OMB Circular A-123, Management’s Responsibility for Internal Control:
- Assisting in the establishment of proper governance structures
- Assessment of internal control over financial reporting
- Identifying, documenting, and testing key controls over financial reporting
- Developing, implementing, and monitoring corrective action plans
- Assisting in the preparation of the annual assurance statements
- Providing instructor-led classroom training, virtual training, and video teleconferencing
Our audits will identify cost savings, such as overpayments to contractors, and efficiency savings realized through revised procurement and contract management procedures. Services include:
- Evaluating construction management procedures
- Analyzing procurement practices
- Evaluating the adequacy of contractors’ internal control structures designed to safeguard government funds and determining whether contractors have complied with contract terms and conditions
- Evaluating state compliance with federal programs
- Developing and applying indirect cost rates to public projects
Indirect Cost Rates
We conduct audits of contractor/grantee indirect cost rates for federal or state agencies. We also assist organizations in preparing and submitting indirect cost rates submissions.
Audit support services include assisting organizations in preparing for audits by federal or state agencies.