At CPA Department, we bring to the table over 30 years of experience in Government Contract Consulting. We have long partnered with government contracts in order to not only assist with financial decisions, audits, and taxes, but also to help fulfill the unique needs in the field. Since it is vital for government contractors to stay in compliance with the contract and to maximize cost recovery, bringing on a CPA who specializes in these areas is essential.
Realizing that, JK Aier, Area Chair of Accounting at George Mason University, recently announced that the University Graduate Council approved the proposed Graduate Certificate in Accounting for Government Contracts, slotted to launch Fall 2021. As our owner, Jennifer Eubanks, is a member of the Advisory Board who helped to bring this to fruition, we understand and feel passionate about this certificate’s importance in the program.
The Program’s Goal
There are numerous aspects of accounting for Government Contractors that are complex, field-specific, and consistently evolving. Entering this part of the field without the necessary knowledge, experience, and training can put an organization at risk for penalties under audit.
Compliance with Cost Accounting Standards and Federal Acquisition Regulations is mandatory, government agency audits can be complicated to prepare for, and highly specific standards need to be met . The program, in which students work towards earning a certificate, will prepare and educate those who want to be leaders in this field.
This program will train students to become leaders in this industry. It will include courses in the fundamentals of government contracting, auditing for government contracts, and how to adhere to the specific regulations required. Students will exit the program fully prepared to succeed in the government contracting world.
Why This Program Is Necessary
There are numerous benefits to getting involved in government accounting. Career advancement opportunities are readily available, as there are a variety of positions and, unlike many corporations, climbing up the professional ladder is to be expected. There are opportunities in accounting, auditing, and financial reporting.
In addition, in working with the government, you are responsible for complying with federal and local laws and regulations to make sure all assets and funds are accounted for and used appropriately. The budgets you are responsible for play a beneficial role in our society, making it rewarding work overall.
However, the expectations when working on government contracts are always higher, the systems change, and all work must be reported meticulously. To meet these expectations, an accountant must be well-versed and knowledgeable of all regulations and standards.They must obtain DCAA approval, and be prepared for DCAA audits. On top of it all, they must keep up-to-date constantly.
George Mason University’s Unique Offerings
George Mason University hosts one of the leading accounting programs in the Washington, D.C. area and focuses on public and private accounting. Because of their location and status, however, this university is especially equipped to deliver a quality professional education, along with experiences, in government accounting.
The university itself is known for an emphasis on fields important to the federal government. The curriculums are designed specifically to prepare students to fulfill the needs of the people and businesses in the D.C. region, and have achieved national distinction in these areas.
Accounting for government contracts is an in-demand field that requires immense knowledge and skill. The stipulations are more complex and more stringent than in other types of accounting. A certificate like the one now offered at George Mason University, then, can be critical. We are proud of our owner, Jennifer Eubanks, for offering her expertise and forethought on contributing to the creation of this program, and know it will help many businesses thrive.