Government Audits
GAO Issues Two Bid Protest Decisions About Inadequate Accounting Systems
On December 19, 2008, the DCAA issued MRD 08-PAS-043(R), addressing significant deficiencies and material weaknesses on contractor systems of internal controls. This MRD directed DCAA auditors to cease issuing audit reports that found contractor systems to be inadequate in part if there were significant deficiencies or material weaknesses relating to contractor systems. As a result, DCAA audit reports on internal controls can now only state that a contractor’s system is adequate or inadequate. Because of the revised guidance in the MRD on what constitutes a significant deficiency or material weakness, many contractors are now having their systems deemed inadequate whereas. Read More.
GovCon Seminar: DCAA “Hot Buttons” & Their Role in Stimulus Bill Spending (Virginia Beach, VA)
The Defense Contract Audit Agency (DCAA) is continually launching new audit initiatives. DCAA is aggressively pursuing questioned costs and expanding its audit scope to areas such as executive compensation, access to records, and internal controls. Additionally, in July 2008, the GAO issued a report finding that DCAA had not complied with Generally Accepted Government Auditing Standards (GAGAS) when conducting audits. As you can imagine, this report has really grabbed DCAA’s attention and we are already seeing significant repercussions. Whether you are a small business new to government contracting, or a large contractor preparing for one of your many annual reviews,. Read More.
GovCon Seminar: DCAA “Hot Buttons” & Their Role in Stimulus Bill Spending (Clearwater, FL)
The Defense Contract Audit Agency (DCAA) is continually launching new audit initiatives. DCAA is aggressively pursuing questioned costs and expanding its audit scope to areas such as executive compensation, access to records, and internal controls. Additionally, in July 2008, the GAO issued a report finding that DCAA had not complied with Generally Accepted Government Auditing Standards (GAGAS) when conducting audits. As you can imagine, this report has really grabbed DCAA’s attention and we are already seeing significant repercussions. Whether you are a small business new to government contracting, or a large contractor preparing for one of your many annual reviews,. Read More.
GovCon Seminar: Understanding Government Audits in Today’s Environment (Raleigh, NC)
If you thought you understood government audits think again. The government audit environment has changed. Today’s audits are not “your fathers” audits. They are much more black and white and very little gray. Almost all internal control audit findings, especially in larger contractors, are significant or material weakness, making your internal controls inadequate; these inadequacies can create a domino effect on all of your other interrelated internal control systems (e.g. if your timekeeping system is inadequate then your billing system and accounting system are also inadequate). Become aware of the new audit environment and how it can and will impact. Read More.
GovCon Seminar: DCAA “Hot Buttons” & Their Role in Stimulus Bill Spending (Atlanta, GA)
The Defense Contract Audit Agency (DCAA) is continually launching new audit initiatives. DCAA is aggressively pursuing questioned costs and expanding its audit scope to areas such as executive compensation, access to records, and internal controls. Additionally, in July 2008, the GAO issued a report finding that DCAA had not complied with Generally Accepted Government Auditing Standards (GAGAS) when conducting audits. As you can imagine, this report has really grabbed DCAA’s attention and we are already seeing significant repercussions. Whether you are a small business new to government contracting, or a large contractor preparing for one of your many annual reviews,. Read More.
Stimulus-Funded Projects Face Greater Indirect Rate Scrutiny
Is your company is planning to work as a prime contractor or subcontractor on a transportation or infrastructure job that will be funded by the recently signed American Recovery and Reinvestment Act of 2009 (ARRA)? Your ability to withstand the increased scrutiny of your incurred costs, both direct and indirect, can determine your ability to receive any state or federal funding in the future. The ARRA provides for over $100 billion for transportation infrastructure, energy-related public infrastructure modernization, clean water, flood control and environmental restoration, and the repair and upgrade of federal facilities. With these stimuli will come greater oversight, accountability and transparency. As evidenced by the. Read More.