Bid & capability financials
Greywood CPA prepares audited and reviewed financial statements for companies bidding on government work. Before award, contracting officers have to decide that a contractor has adequate financial resources to perform. Prime contractors, sureties and many state and local agencies also ask for CPA-prepared statements. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
The level you need depends on who is asking and how large the work is. A compilation or review is often enough for smaller subcontracts, while larger awards, public works and some state prequalification programs expect audited statements.
Last reviewed: November 2026
Under the Federal Acquisition Regulation, a contract can only go to a responsible contractor, which includes having adequate financial resources to perform, or the ability to get them. Contracting officers may review your financial statements, often along with a pre-award survey. Prime contractors vet subcontractors the same way, and state and local agencies often build it into prequalification.
| Who is asking | Usually accepts |
|---|---|
| Small subcontract or vendor registration | Compilation or review |
| Prime contractor subcontractor vetting | Review or audit, per the prime's policy |
| Federal pre-award financial capability review | Your most recent statements; audited or reviewed carries more weight |
| State or local prequalification and public works | Often reviewed or audited, per the program rules |
| Surety for bid and performance bonds | Reviewed or audited, depending on bond size |
Not sure? See audit vs. review vs. compilation.
Bid deadlines rarely wait for an audit. If you bid regularly, schedule your annual audit or review so current statements are ready before your busiest bidding season, and keep interim statements available. Tell us your next bid date and we'll plan backward from it.
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 always. Contracting officers must find you financially capable, and they may review your statements. Larger awards, public works, prequalification programs and primes often expect reviewed or audited statements.
Under the FAR, whether the contractor has adequate financial resources, can meet the schedule, has a satisfactory performance and integrity record and has the necessary organization and controls, among other factors.
Often, for smaller subcontracts. The prime contractor's vendor or subcontract policy sets what it accepts.
We plan backward from your bid date. The fastest path is having your books closed and reconciled when you contact us.
We quote one fixed fee in writing before any work starts, based on your size, complexity and the level of report you need.
Tell us the date and who's asking. A senior CPA will send a fixed-fee proposal within 1–3 business days.