Posts Tagged ‘DCAA Audits’
List of the Best DCAA Approved and Compliant Accounting Software Systems
Government contracting success requires more than just industry knowledge and competitive bidding. To remain compliant and thrive, government contractors need a robust accounting system that meets the stringent standards set by the Defense Contract Audit Agency (DCAA). Selecting the right accounting software ensures compliance, manages costs, and positions your business for long-term success in securing…
Read MoreWhat is Uncompensated Overtime? Understanding DCAA Timekeeping Requirements
Government contractors are required to track uncompensated overtime worked by employees. This is often confusing for contractors, since there’s no additional cost associated with salaried employees who work more than forty (40) hours per week. In this article, we explore uncompensated overtime, and why it’s important when working with the Federal Government. What is uncompensated…
Read MoreUnderstanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues
All federal contractors with cost-type or time and materials (T&M) contracts with cost-type contract line items (CLINS) are required to submit an Incurred Cost Proposal regardless of agency customer. All contracts requiring an Incurred Cost Proposal will include the Federal Acquisition Regulations Allowable Cost & Payment Clause and/or the T&M Payment Clause. What is an…
Read MoreThe Complete Guide to DCAA Pre Award Audits: An 8 Point Readiness Checklist
What Exactly is a DCAA Pre Award Audit? A DCAA pre-award audit is a mandatory requirement for all defense contractors awarded cost reimbursable contracts. It is designed to assess the contractor’s ability to properly account for contract costs, and it is conducted before any contract funding has been released. A pre-award audit is not a…
Read MoreWhat is an Adequate Accounting System? 10 Questions to Determine if Your Accounting System is Adequate for Government Contracts
In many cases, having an “adequate accounting system” is an integral part of successfully winning and performing on Federal contracts. Many companies find it challenging to determine when accounting system requirements are triggered and how to navigate obtaining a determination of adequacy. Our clients and prospects unanimously have the same questions. Since these questions are…
Read MoreWhat Are the 5 Most Common DCAA Post-Award Audits for DoD Government Contractors?
Contractors that have been awarded a contract with the federal government may be subject to a number of post-award audits. These audits are often conducted by the Defense Contract Audit Agency (DCAA) and commonly include, but are not limited to, audits of costs incurred during contract performance to validate that these charges comply with Federal…
Read MoreKey DCAA Terms to Understand for Contractors
The Defense Contract Audit Agency (DCAA), part of the United States Department of Defense (DoD), performs audits of DoD contractors to ensure the best value for money the agency spends on defense contracting. As part of its auditing services, DCAA will review a contractor’s accounting and business systems to ensure the contractor is able to…
Read MoreWhat Happens During a Pre-Award Survey With DCAA?
If you’re a contractor who has submitted a proposal to work with the Department of Defense (DoD), you will have an audit done by the Defense Contract Audit Agency (DCAA) before the contract is awarded. A Pre-Award Audit typically includes the audit of the pricing in the proposal the contractor submitted as well as a…
Read MoreHow to Prepare for DCAA Pre-Award Survey
If you are new to government contracting, prior to being awarded a flexibly priced contract, your contracting officer will request that DCAA perform a Pre-Award Survey to ensure your accounting system is adequate to account for government contracts. As you’re bidding on contracts, you’ll frequently be asked to provide a copy of an audit by…
Read MoreGraduate Certificate in Accounting for Government Contracts Soon Available at George Mason University
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…
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