Pre and post-award audits, procedure development and implementation, incurred cost submission, periodic reporting; unfortunately for Government Contractors, the real work begins once they are awarded the coveted contract. Considering the tangled network of government regulations, it’s critical that these individuals employ experienced CPA consultants to help them maintain compliance. Romano & Mitchell has worked with many different federal and state government contractors and is confident in our ability to help you satisfy the mandates associated with doing business in this environment.
Romano & Mitchell provides a distinct set of accounting, bookkeeping and CPA services to government contractors, including:
- A133 Yellow Book Government Audits
- DCAA Pre-award/Ongoing Audit Support
- Indirect Rate and Incurred Cost Submission Preparation
- Internal Control Development
- Annual Rate Submission
- Tax Planning and Preparation
- Periodic and Customized Reporting Requirements
- Implementation of CAS and FAR Compliant Accounting Systems
Government Contractors CPA Services
Our client base includes small contractors seeking expertise obtaining their first contract, setting up an indirect cost rate structure and guiding them through a pre-award survey. Others are larger contractors utilizing our services to obtain new contracts, begin R&D initiatives or expand their business through acquisition. Our most recent clients include some of the up-and-coming companies in the fields of technology, communications, defense, security, construction and professional services.
Audits for Government Contractors
State and Federal Government Contractors are subject to strict regulations and must provide satisfactory proof of their continued compliance. These generally come in the form of A133 Government Audits (also known as Yellow Book Audits) which follow a highly structured format and potentially demands a very involved process. Unfortunately, we’ve seen first hand the stress and strain one of these audits can have on an ill-equipped and ill-prepared government contractor.
Thanks to our specialized government contractor accounting experience, Romano & Mitchell is ever-vigilant, preparing for these audits from day one through the proper set up of accounting systems and the appropriate implementation and adherence to accepted procedures. Ultimately, the best time to design an audit strategy is prior to the negotiation of the terms of the contract. Let us guide you through the different stages of the government contracting process.
DCAA Audits Preparation
Romano & Mitchell is well versed in the regulations and procedures associated with DCAA-mandated federal contracts. If you are going through a pre-award audit, we can analyze and implement accounting policies, procedures and systems to ensure that you are in compliance. If you are preparing for or going through a post-award audit, we can serve as the mediator with the DCAA, helping you to organize the supporting information and reports required for compliance. Though a DCAA audit can be complex and somewhat intimidating, we are confident our seasoned professionals can guide you successfully through the process.
Tax Planning and Preparation
Romano and Mitchell understands the challenges associated with servicing government contracts. The associated price scrutiny, tight profit margins, and fierce competition require specialized tax planning. Thanks to years of proven experience and our hands-on consultative approach, we are able to design effective individualized strategies that minimize tax liabilities. In addition, we are able to assist with analysis, compliance, expatriate individual income tax, and other specialized tax services.
In need of CPA services for government contractors? Contact Romano & Mitchell to book a free consultation and determine what CPA services we have that can benefit you and your contractors.