GovCon Articles Digest | June 2019
Contractors with cost reimbursable and T&M contracts are required to submit an Incurred Cost Submission (“ICS”) six months after their accounting year ends. For companies whose fiscal year ends on December 31, the June 30 deadline to submit the company’s ICS is very near. This article highlights some of the reasons auditors deem an ICS inadequate.
The Section 809 Panel was established in Section 809 of the FY2018 National Defense Authorization Act to address various issues with the current DoD acquisition policies. The Panel’s goal is to streamline and improve the acquisition regulations. Earlier this year, the Panel released Volume Three of its Final Report. In this article, we highlight a few of the new recommendations that may be of interest.
In Recommendation 72 of Volume One of the Report of the Advisory Panel on Streamlining and Codifying Acquisition Regulations, the Panel recommended that the DoD replace the system criteria in DFARS 252.242-7006, Accounting System Administration, with a review of internal controls to assess the adequacy of contractors’ accounting systems. This article provides information on Recommendation 72 regarding changes to the adequacy of the contractor’s accounting system.
Numerous contractors and agencies have struggled with the complicated requirements of the HUBZone program. In October 2018, the SBA issued proposed rules that are designed to make compliance easier and encourage companies to utilize the program. This article touches on the biggest changes that would come about if the proposed rules are implemented.