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Navigating a FAR Audit: Wiss Ensures Compliance

A women-owned full-service cultural resource management firm, the Company has grown into one of the largest independent archaeological and historic preservation consulting firms in the United States. Their mission is to guide clients through compliance with federal, state, county, and municipal cultural resource and historic preservation regulations, ensuring responsible development.

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THE CHALLENGE

Outgrowing Their Advisor: In Need of FAR Expertise and Audit Support

As the Company expanded its work with government agencies, the need for an overhead audit became essential, leading them to seek expertise from Wiss. Their existing accountant provided tax and assurance services but lacked experience with Federal Acquisition Regulation (FAR) audits. Internal personnel had limited knowledge of FAR audit requirements and agency deliverables, making compliance a challenge. Additionally, a previous firm contracted for FAR audits did not offer the necessary support when agencies requested follow-up information. The Company’s continued growth necessitated a more robust financial and accounting framework.

THE APPROACH

Hands-On Guidance, Education, and Scalable Financial Solutions

Wiss collaborated closely with the Company’s internal team, educating them on FAR audit requirements and guiding them through the audit process. The Wiss team took a patient and hands-on approach, understanding the unique needs of a small business scaling up. They provided assurance and expert guidance on best practices, including recommendations for financial software solutions to replace outdated systems. Wiss also stepped in as a strategic partner, ensuring the Company could confidently navigate agency requirements and reporting obligations.

Consultation and Assessment
Consultation and assessment of financial and compliance needs
Education on FAR Requirements
Education on FAR requirements
Financial Software and Process Optimization
Implementation of financial software and process optimization
Audits and Financial Strategy
Continuous support for audits and financial strategy

THE IMPACT

On-Time Submissions, Improved Processes, and Strategic Growth Support

  • Annual overhead audits are now submitted within the mandated deadline of six months following the fiscal year-end.
  • Wiss acts as a liaison with agencies, providing support in responding to agency requests and questions.
  • The Company receives ongoing recommendations to improve financial systems and reporting efficiencies.
  • Compilation and tax work were successfully transitioned to Wiss, streamlining financial operations.
“ "Since we first contacted Wiss, their team has provided invaluable service to our small business. We have experienced growth that has doubled our staff count, and the support from Wiss through audits and financial reporting has allowed us to focus on our business rather than being consumed by year-end financial reporting and audits. The relationships we’ve built with Wiss give us confidence in seeking their guidance and best practices throughout the year." ”
— Director of Operations