Government Contractors
Greywood CPA provides Single Audits, agreed-upon procedures, indirect cost rate support, contract cost accounting and bid financial statements for companies and nonprofits that hold federal, state or local grants and contracts. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
The rules depend on what you hold. Grants and cooperative agreements fall under the Uniform Guidance, with a Single Audit once a nonprofit spends $1,000,000 or more in federal awards. Procurement contracts fall under the Federal Acquisition Regulation and the contract's own clauses. Many organizations have both.
Last reviewed: November 2026
Each service has its own page with requirements, what we test, timelines and FAQs.
Required once a nonprofit or other non-federal entity spends $1,000,000 or more in federal awards in a year. It does not apply to procurement contracts, which follow their own audit clauses.
Agreed-upon procedures answer specific questions, such as whether grant costs are supported or billed hours match timesheets, without a full audit.
Grant recipients can use a de minimis rate of up to 15% of modified total direct costs or negotiate a higher one. Contractors on cost-type contracts bill provisional rates and settle them in incurred cost submissions.
An adequate accounting system separates direct and indirect costs, accumulates costs by contract, excludes unallowable costs and ties timesheets to labor charged.
Contracting officers must find you financially capable before award, and primes, sureties and state agencies often ask for reviewed or audited statements.
| Who is asking | Usually requires |
|---|---|
| Federal grants of $1,000,000+ (nonprofit) | Single Audit |
| Agency or prime asking about specific costs or billing | Agreed-upon procedures |
| Cost-type federal contract award | Adequate accounting system and indirect rates |
| Bid, prequalification or subcontract vetting | Reviewed or audited financial statements |
| Grants under $1,000,000 | No Single Audit; your grant terms may still require an audit or review |
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Not for procurement contracts. A Single Audit applies to nonprofits and other non-federal entities spending $1,000,000 or more in federal grants, cooperative agreements and similar assistance.
Up to 15% of modified total direct costs, available to grant recipients that do not have a negotiated rate.
No. The government determines adequacy when it reviews a contractor, often in a pre-award review based on Standard Form 1408.
We quote one fixed fee in writing before any work starts, based on your size, contracts and the report or service you need.
Yes. We work nationwide, remotely, and register with a state's board of accountancy wherever required before issuing a report.
Tell us what you hold and when you need it. A senior CPA will send a fixed-fee proposal within 1–3 business days.