It’s Almost That Time Again…. How to Get a Head Start on your Annual Incurred Cost Submission
By: Eric Poppe, Senior Manager and Javier Diaz, Manager It’s that time of year. Year-end financial statement audits are going on, you are working with your accountant on your tax returns hoping to complete on time, and just around the corner, you are required to submit your Incurred Cost Submission (“ICS”). Is there time to breathe? As we know, for companies with a fiscal year ending December 31, 2017, the 2017 ICS will be due by June 30, 2018, six months after the close of that fiscal year. The determining factor which requires companies to submit an ICS is the Federal Acquisition Regulation (“FAR”). Read More.
Are You Taking Full Advantage of All Government Opportunities to Fuel Growth and Innovation?
By: Susan Moser , Partner Many businesses large and small are missing out on “free money” from government sources – money that could fund their innovation and expansion efforts – according to a jointly sponsored Innovation Survey conducted by the Washington Business Journal and Cherry Bekaert. Released in September 2017, the survey indicates a disconnect. On one hand, businesses report that innovation is very important to them. On the other hand, many businesses are not claiming tax credits, tax deductions, grants and other incentives from federal, state and local sources for which they could be eligible. In this same survey, when asked. Read More.
So You Think You Are Ready for Due Diligence?
At the stage of a company’s development where it is advantageous to think about the sale of all or part of the business to a financial or strategic buyer, management teams are generally prepared to undergo a certain amount of due diligence from the buyer organization. Government contractors expect to undergo close examination of their accounting records, contract files, HR files, legal contracts, and other files and records. Many government contractors do not think that their tax files and practices will present areas of great concern, but often these areas can lead to unpleasant surprises for selling organizations. Specifically, here. Read More.
DCAA 2018 Hot Button Highlights
By: Curt Smith , Manager Each year Cherry Bekaert addresses topics that effect the Defense Contract Audit Agency (“DCAA”) in our DCAA “Hot Buttons” webinar. A summary of the January 17, 2018, webinar is presented here. The webinar is replay is also available on our YouTube channel. The webinar is available for replay on our YouTube channel. Section 803 of the 2018 National Defense Authorization Act (“NDAA”) Section 803 of the 2018 NDAA contains several provisions reforming defense contract auditing. Perhaps the provision with the greatest impact on DCAA directs the Department of Defense (“DoD”) to begin using private auditors to perform incurred cost audits to reduce the current backlog. The provision intends to focus DCAA resources on forward-pricing audits, which are considered. Read More.
Topics: Cost Accounting Standards "CAS", DCAA, DCAA Audits, DCAA Memorandums for Regional Directors, Defense Contract Audit Agency "DCAA", Department of Defense "DoD", Federal Acquisition Regulation "FAR", Generally Accepted Government Auditing Standards "GAGAS", Incurred Costs, National Defense Authorization Act "NDAA"
#MeToo and Federal Contractors
By: John Ford, Senior Consultant Most of us have probably heard of the misconduct allegations made recently against high profile individuals in the media, entertainment industry, and Congress. Many of these allegations involve violations of Title VII of the Civil Rights Act of 1964 (“CRA”), while others may involve allegations of civil or criminal violations such as battery or even rape. While probably not as likely to make the headlines like the recent widely publicized cases, contractors can face many of these problems. This article will provide a high-level overview of some of the contracting issues contractors can face if their employees. Read More.
DoD Inspector General’s Office Releases Semi-Annual Report to Congress on Accomplishments
Twice a year, per the requirements of the Inspector General Act of 1978 (as amended), the Department of Defense (“DoD”) Office of the Inspector General (“OIG”) issues a report that summarizes its efforts and oversight conducted for the preceding six-month period. The report serves to demonstrate the importance of the OIG’s work to detect and deter waste, fraud and abuse, improve the efficiency and effectiveness of DoD programs, and ensure ethical conduct throughout the DoD. The most recent report, which covers the period of April 1, 2017, to September 30, 2017, documented 55 issued reports, including several significant audits and. Read More.