Adequate accounting systems are critical to the success of most government contractors. Without one, you cannot be awarded a federal cost reimbursement contract. Now that the Defense Contract Audit Agency (DCAA) has caught up on incurred cost audits, many contractors are experiencing increased scrutiny of their business systems—especially their accounting system. On top of that, Congress has continued to demonstrate a preference to allow third-party auditors to perform some of these audits. Regardless of who performs the audit, the criteria and the expectations remain unchanged. Join FORVIS and learn more about the following topics:
- What is an adequate accounting system?
- Standard Form 1408 versus the DFARS accounting system criteria
- A walk-through of each accounting system criteria
- How to prepare for an audit and be deemed adequate
- The benefits and consequences of adequacy and inadequacy
- Review of business system requirements
- How can I get my system audited?
- Who may audit my system?
- Current regulatory environment
Upon completion of this program, participants will be able to:
- Recognize the cost accounting requirements for contractor accounting systems on a pre-award and post-award basis.
- Identify when certain cost accounting requirements are applicable.