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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, Inc. |
Course Description
Government audits of your company are a way of life if you do business with the government, and the likelihood of those audits, and audit issues, increases depending on numerous factors, one of which is your ability to successfully anticipate, engage and support the auditors when they arrive. Failing to understand the demands of these audits, and not recognizing highly judgmental and sometimes weak audit positions, 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 facilitate adequate preparation for their audits. Given the July 2008 GAO and Congressional criticism of DCAA, coupled with DCAA's change in philosophy for working with contractors, it is crucial that all government contractors, large or small understand the by-the-book evaluation techniques that DCAA employs in conducting audits as well their emphasis on reporting all findings to procurement customers, sometimes without regard to materiality.
During our instruction, we will explore the risks associated with government audits and how to prepare and work with government auditors so that you can minimize the risk of adverse findings and acrimonious relationships. We will also address best practices for evaluating and responding to audit issues including internal control deficiencies and questioned costs, and the chain of command for elevating disputes.
Our instructor will also discuss audit procedures, typical audit problems, and response techniques for those audits that most frequently precipitate audit findings, such as questioned incurred costs and deficient accounting internal controls. Finally, our experienced trainer will discuss the audit approach and successful methods for responding to unique issues such as access to records, reasonableness challenges, and questioned costs.
A brief outline of the course content follows:
- Government procurement culture
- 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
- Purchasing system
- Addressing unique audit situations and challenges
- Accounting for unallowable costs
- Uncompensated overtime
- Credits and refunds
- Advance agreements
- Audit challenges using "reasonableness" and "allocability" regulations
- Audit expectations of supporting documentation
- Access to records
- DCAA Form 1 process for disallowing billed costs
- Current procurement trends and events triggering changes in DCAA's audit methods and affecting working relationships with contractors
- Cost allowability issues & responding to audit findings
- Employee travel costs
- Executive and other employee compensation
- Advertising and public relations
- Business meetings and meals
- Professional and consulting fees
- Organization costs
- Advertising & public relations
Who Should Attend
Course content is designed to educate any government contractor professional involved in the award, management, and cost accumulation and reporting process for any government contract or subcontract. Such professionals would include all personnel associated with accounting and finance, contracts management, compliance evaluation, internal audit, procurement, program management, project analysis, and senior management. Level of instruction is designed to educate all professionals described above, whether new to the government contracting, or those with extensive experience in dealing with government procurement regulations and/or government audits.
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We look forward to seeing you at the Training Event, Thursday, October 21st! Be sure to register online.
OR register using FAX/Email Registration Form (PDF)
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 Inn 11810 Sunrise Valley Dr. Reston, VA 20191 |
| Registration: | Register Online (or register using FAX/Email PDF Registration Form) |
| RSVP By: | 12 PM, October 18, 2010 |
| Cancellation Policy: | Event Cancellation Policy |
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