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EventsUnderstanding Government Audits and Thursday, October 21, 2010
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| Mr. Michael E. Steen Senior Managing Consultant Beason & Nalley |
Course Description
Government audits of your company are a fact of life if you do business with the government. The likelihood of audits and more ominously, unfavorable audit issues, increases depending on numerous factors including your ability to successfully anticipate, engage and support the auditors before, during and after the audit. Failing to anticipate, plan and support these audits, as well as not recognizing highly subjective and sometimes poorly supported audit conclusions, can cost you time and money as well as lost credibility with your customers.
This course will focus on the audit philosophy, objectives, and standards of the Defense Contract Audit Agency (DCAA), and how to interpret DCAA's audit methods and expectations to enable your adequate preparation for their audits. Given the July 2008 and September 2009 GAO and Congressional criticism of DCAA, the ongoing criticisms of government contract oversight within the Commission on Wartime Contracting, and DCAA's evolving audit strategies, it is crucial that all government contractors, large or small understand the by-the-book evaluation techniques that DCAA employs in conducting audits in strict accordance with Government Auditing Standards. Of particular importance, DCAA’s emphasis on reporting all findings to procurement customers, often times without regard to materiality and in most cases wholly independent of input, expectations or interpretations of the procurement customer.
During our instruction, we will explore the risks associated with government audits and how to prepare and work with government auditors to minimize the risk of adverse findings and acrimonious relationships. Our experienced trainer(s) will discuss the ever expanding risk that a single audit can result in multiple issues and multiple “negative” audit reports because of DCAA’s renewed emphasis on separately reporting systemic internal control issues including estimating, accounting and billing. We will address best practices for evaluating and responding to typical and atypical audit issues including questioned costs, penalties associated with the annual incurred cost audit and internal control “systemic” deficiencies.
Our instructor will also discuss current trends in terms of evolving audit strategies which involve DCAA’s renewed emphasis on access to contractor records and employees within DCAA’s interpretation of timely contractor support for incurred costs as well as bid proposals and indirect rate forecasts. Finally, we will discuss the chain of command for elevating disagreements with contract auditors as well as the interagency conflict between DCAA and DCMA.
A brief outline of the course content follows:
- Contracts & contractor conditions and issues that trigger government audits
- DCAA's organization, responsibilities, guidelines and standards in performing audits
- Understanding the general audit process
- Best practices-preparing for audits and working with auditors
- Mitigating audit risk and addressing audit findings for specific audits
- Incurred cost proposals-adequacy of the submission/schedules, allowability of costs, and potential penalties
- Provisional indirect rate proposals
- Forward pricing bid proposals
- Billing system internal controls
- General and cost accounting systems and controls
- Timekeeping and labor charging systems
- Understanding and addressing specific audit expectations and challenges
- Accounting for unallowable costs
- Uncompensated overtime
- Subcontract management
- Credits and refunds
- Audit challenges using "reasonableness" and "allocability" regulations
- Audit expectations for timely and adequate supporting documentation including your subcontractors’ record
- Access to records and contractor employees
- “Flash” audit reports and “Limited Scope” audits of internal controls
- Current procurement trends and events triggering changes in DCAA's audit methods and affecting working relationships with contractors and contracting officers
- Cost allowability issues: anticipating & responding to audit findings
- Employee travel costs
- Compensation including reasonableness tests for executive and other employees
- Business meetings and meals
- Professional and consulting fees including lobbying and legal costs
- Organization cost
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We look forward to seeing you at the Training Event, Thursday, October 21st!
Also see:
Why Choose Us | Industries | Contact Us
Event Details
| Date: | October 21, 2010 |
| Time: | 8:30 AM - 4:30 PM |
| Cost: | $450 per person |
| Location: | Sheraton Reston Hotel 11810 Sunrise Valley Dr. Reston, VA 20191 |
| Registration: | Registration for this event is now closed. |
| Cancellation Policy: | Event Cancellation Policy |
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