Accounting Compliance

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5 Ways to Prep for the Audit While Preparing the Incurred Cost Proposal

5 Ways to Prep for the Audit While Preparing the Incurred Cost Proposal Jennifer Rettelle, Director of Operations | Capital Edge Consulting, Inc. The requirement to submit a final indirect cost rate proposal, more commonly referred to as the Incurred Cost Proposal or Incurred Cost Submission (ICS) is contained in FAR clause 52.216-7(d)(2)(i) – Allowable …

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Government Accountability Office (GAO)

GAO Release: Recommendation to monitor and ensure contractor business system reviews are conducted in a timely fashion.

CONTRACTOR BUSINESS SYSTEMS: DOD Needs Better Information to Monitor and Assess Review Process GAO-19-212: Published: Feb 7, 2019. Publicly Released: Feb 7, 2019. The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress. Often called the “congressional watchdog,” GAO examines how taxpayer dollars are spent and provides Congress and federal agencies …

GAO Release: Recommendation to monitor and ensure contractor business system reviews are conducted in a timely fashion. Read More »

DCAA Audits of Government Contractor Business Systems

DCAA Audits of Government Contractor Business Systems – Key Risk Mitigation Strategies to Promote an Adequacy Determination Craig Stetson, Partner | Capital Edge Consulting, Inc. The Defense Contract Audit Agency (DCAA) recently indicated as a 2019 agency initiative a significant increase in their dcaa audit efforts around contractor business systems. The DCAA’s renewed focus on …

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DCAA Update

Business Systems Compliance for 2019

Business Systems Compliance Update for 2019 – the DCAA indicated recently a current initiative to significantly increase their audit efforts in 2019 of contractor business systems (accounting, estimating and MMAS). 2018 Reports showed the following data for Business Systems Audits: Accounting Systems: 447 MMAS: 7 Estimating: 11 2019 Planned Business Systems Audits: Accounting Systems: 995 …

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COMPLIANCE UPDATE: New DCAA audit program for accounting system audits under DFARS 252.242-7006.

New DCAA audit program for accounting system audits under DFARS 252.242 7006 New DCAA audit program for accounting system audits under DFARS 252.242 7006 The Department of Defense (DOD) implemented a new DCAA audit program dictating new requirements for contractor’s accounting systems. This new dcaa audit program appears to be a mix of prior accounting …

COMPLIANCE UPDATE: New DCAA audit program for accounting system audits under DFARS 252.242-7006. Read More »

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