FDOT Audits

FAQ: Do I need an FDOT audit?

Answer: The Florida Department of Transportation (FDOT) requires businesses with state contracts in excess of $500,000 to hire a third-party CPA to perform an FDOT Overhead Rate Audit.

FAQ: When is my audit due?

Answer: Your audit report is due within six months of the end of your business’ fiscal year.

FAQ: What standards will the audit be performed under?

Answer: FDOT audits are completed in accordance with a multiple standards depending on each client’s individual requirements:

• Cost Accounting Standards
• American Association of State Highway and Transportation Officials Standards (AASHTO)
• Federal Acquisition Regulation (FAR)
• Generally Accepted Government Audit Standards (GAGAS)
• United States Generally Accepted Accounting Standards (US GAAP)
• Florida Administrative Code Chapters 14-75

FAQ: What will the auditor do as part of my audit?

Answer: Auditors’ processes will include:

• Verifying that your Schedule of Indirect Cost complies with financial requirements and was prepared in accordance with accounting practices prescribed by Part 31 of the Federal Acquisition Regulations (FARs) and certain other federal and state regulations;
• Testing and documenting your company’s internal control over financial reporting; and
• Determining the proper allocation of costs between a Home Office and Field Office(s).
• Transactional testing of expenses to verify unallowed expenses have been identified correctly.
• Preparing financial statements and footnotes including the Schedule of Indirect Cost

FAQ: How can I get more information?

Answer: Refer to the FDOT’s Reimbursement Rate Audit Guidelines and complete the below information request and a partner will respond to your enquiry as soon as possible