2022 Professional Services Series: Understanding Overhead Rate Basics
October 20, 2022
Doing business with the federal or state government can be very enticing and lucrative, especially in light of the volume created by the recently passed Infrastructure Bill. There are unique requirements that firms should be aware of prior to pursuing these opportunities. The discussion will cover system and documentation requirements, allowable and unallowable costs, identifying direct and indirect costs, travel expense do’s and don’ts, internal controls related to executive compensation, bonuses, etc. and what to expect from an auditor associated with sampling methodology and error extrapolation.
Determine whether existing systems, reporting, and controls support pursuit of government contracts
Learn best practices for documentation of allowable and unallowable expenses
Learn how best to prepare yourself for an overhead rate audit