FAR Compliance

FAR Compliance at Peter Witts, CPA PC

Peter Witts, CPA PC provides a turn-key accounting service that ensures the very highest level of cost recovery and timely payment.  Team members work hard to offer FAR and CAS compliant Accounting Systems as well as Policy and Procedure development for our clients.

Implementation of FAR and CAS Compliant Accounting Systems

Federal Government contractors’ accounting systems must comply with the requirements of the Federal Acquisition Regulation (FAR) for US Government prime contracts and subcontracts and in some instances may need to comply with the Cost Accounting Standards (CAS). We will assist in reviewing, designing, developing and implementing accounting systems that comply with the requirements of the FAR and CAS. The accounting system will provide for the accumulation of direct and indirect costs as well as the allocation of indirect costs. The accounting systems that we develop for our clients are designed to provide meaningful financial reports for the management of individual contracts and the company as a whole. Our goal is to provide an accounting system that meets the requirements of FAR and CAS as well as the internal needs of company managers.

Policy and Procedure Development

Proper internal controls are critical to the operation of your business in the Federal Government contracting industry. The development of formal policies and procedures will set your company’s objectives and provide guidance to your employees for their responsibilities to the company. We will assist in the development of policies and procedures for cost accounting, estimating and other related government contracting activities. The policies and procedures will be developed to comply with the requirements of the Federal Acquisition Regulation (FAR) and other regulatory requirements as well as the objectives of company management.

Controllership Services

Is your business without a controller or a financial professional knowledgeable in government contracting? The controller is the single most important financial resource to your company and operating without a controller can hinder the financial success of your company. Our Firm can provide quality controllership services to help improve your financial condition. Our controllership services start with the initial setup of your accounting system. Setup of the accounting system is a separate one-time charge. Our controllership services include the following monthly services and annual filings:

  • Vendor Invoice Processing and Payment
  • Payroll Processing and Payroll Tax Filings
  • Preparation of Labor Distribution and Payroll Reports
  • Customer Invoicing and Progress Payments
  • Bank Reconciliations
  • Adjusting Journal Entries
  • Required Government Financial Reports
  • Preparation of Forward Pricing Rates and Billing Rates
  • Preparation of the Annual Incurred Cost Submission
  • DCAA Audit Support
  • Preparation of Annual Corporate Filings and Income Tax Preparation
  • Preparation of Annual Compiled Financial Statements