Construction Industry Specialists — VA, MD & DC

General Contractor Audit Services — Bonding, SBA & Bank Requirements in Virginia, Maryland & DC

General contractors in Virginia, Maryland, and DC often need CPA-reviewed or audited financial statements to qualify for larger surety bond programs (ask your surety for its requirement in writing), secure SBA 8(a) or HUBZone certification, close construction loans over $2M, and bid on large public projects. Your Virtual CPA provides GAAS-compliant audited financial statements that meet surety company requirements (Travelers, Hartford, Liberty Mutual), bank underwriting standards, and government certification requirements — delivered virtually.

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Do general contractors need an audit for surety bonds?

Most surety companies require CPA-audited financial statements for performance bonds over $500,000–$1,000,000. General contractors bidding on larger projects, SBA 8(a) work, or joint ventures need audited financials prepared using the percentage-of-completion method. A review may be accepted for smaller bonds, but an audit provides the highest assurance and maximum bonding capacity.

Surety Bond: A surety bond is a three-party agreement guaranteeing that a contractor (principal) will fulfill contractual obligations to the project owner (obligee). If the contractor defaults, the surety company pays the owner and then pursues the contractor for reimbursement.

Percentage-of-Completion Method: The percentage-of-completion method is the GAAP accounting method required for long-term construction contracts, recognizing revenue and expenses proportionally as project milestones are reached rather than when cash is received.

Contractor Audit & Financial Statement Services

From surety bond audits to SBA certification financial statements, we handle every type of audit requirement general contractors face.

Surety Bond Audit

CPA-audited financial statements meeting surety company underwriting requirements. We understand what Travelers, Chubb, Hartford, Liberty Mutual, and other major sureties require — including the WIP schedule, balance sheet presentation, and notes required for bonding underwriting.

SBA 8(a) & HUBZone Certification

Audited financials required for SBA 8(a) program admission and HUBZone certification. We prepare the audited statements SBA programs and lenders ask for, with proper presentation of business and personal financial statements for owner-operators pursuing small business certification.

Bank & Construction Loan Audits

Commercial banks and construction lenders require audited financials for loans over $2M. We work with your lender's specific requirements to ensure our audit opinion and financial statement presentation meets their underwriting criteria for construction loans, lines of credit, and real estate development financing.

Joint Venture Audit Requirements

JV partners, project owners, and large general contractors require audited financial statements from subcontractors and JV partners before contract execution. Tell us your contract deadline and we will agree on a schedule with you before fieldwork starts.

Prequalification Financial Statements

Public projects and GC prequalification applications require CPA-compiled or CPA-audited financials. We prepare financial data meeting state DOT requirements, public owner prequalification standards, and large GC prequalification programs across Virginia, Maryland, and DC.

Annual Contractor Financial Audits

Year-round audit relationships for contractors who need annual audited statements for ongoing bonding programs, lender covenant compliance, and fiscal year reporting. We build an efficient recurring audit process that minimizes disruption to your operations.

Serving General Contractors Across Virginia, Maryland & DC

From residential renovators in DC to large commercial GCs in Northern Virginia, we serve contractors at every stage of growth.

Northern Virginia (Fairfax, Loudoun, Prince William)

Commercial construction, federal facilities, residential developers needing bond audits

Washington DC

Public project GCs, certified business enterprises (CBE), public contract bidders

Montgomery & Prince George's County, MD

County and state project bidders, MBE/DBE certified contractors

Richmond & Hampton Roads, VA

VDOT and state contract bidders, regional commercial construction

Baltimore Metro, MD

City and state of Maryland public project contractors

Suburban MD & VA

Residential developers, HOA builders, mixed-use project contractors

Virginia, Maryland, and DC each have specific bonding requirements for public project bidders. Virginia requires a contractor's license bond; Maryland requires bonding for projects above certain thresholds; DC's CBE and certified contractor programs have specific financial reporting requirements. Your Virtual CPA understands all three jurisdictions.

Related Services

HOA Audit Services

Annual audits for HOA and condo associations.

Attestation Services

AUPs, reviews, and compilations for specific requirements.

Compilation & Review Services

Lower-cost alternatives to a full audit.

Small Business Audit

Audits for bank loans, SBA, and investor requirements.

Nonprofit Audit (Single Audit)

Federal compliance audits under OMB Uniform Guidance.

Free consultation

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General Contractor Audit FAQs

Common questions from construction companies and contractors about audit requirements for bonding, SBA, and bank financing.

Surety companies typically require CPA-audited financial statements for bond lines over $500,000–$1,000,000. For smaller bonds, a reviewed or compiled statement may suffice. An audit provides the highest level of assurance that surety underwriters rely on to evaluate your bonding capacity.

Typically: CPA-audited balance sheet, income statement (2–3 years), cash flow statement, notes to financial statements, and a construction work-in-progress (WIP) schedule. Some sureties also require a personal financial statement from majority owners.

Fees depend on your company's size and revenue, the complexity of your contracts (percentage-of-completion, WIP schedules), the number of years needed, and the quality of your records. We are transparent and charge fair fees quoted upfront after a short call.

An audit provides reasonable assurance and a formal CPA opinion. A review provides limited assurance. Most sureties require an audit for bond lines over $500K. Your surety agent will specify which is required for your program.

A standardized financial disclosure required by public owners, state DOTs, and large private owners before bidding. Typically includes a CPA-audited or compiled balance sheet, income statement, and WIP schedule.

Subcontractors need audited financials when they're bonded as principal, when the GC requires financial prequalification for large awards, or when applying for SBA programs — typically when annual revenue exceeds $2–3M.

Timing depends on the size of your business, the number of open jobs, the condition of your job cost records and when your report is due. If you have a bonding application deadline, tell us early and we will plan the schedule around it.

Yes. Licensed CPAs can perform audits remotely. We receive records electronically, perform all audit procedures remotely, and issue an audit opinion with the same professional weight as any licensed CPA firm.

Your Bonding Application Is Waiting.

Don't lose a project because you don't have audited financials. Our team delivers GAAS-compliant audited financial statements built for surety underwriters, banks, and government certification programs — with transparent, fair fees quoted upfront.