Keys to Successfully Answering the DCAA Knock at the Door!
by Craig Stetson, CPA, CGMA, MBA, Director and Terry Carlson, MBA, Managing Director
In the current government contract regulatory compliance environment, transparency of the contracting process has gained considerable importance and visibility. This transparency directly affects government contractors’ compliance programs and impacts multiple areas of the business, including:
- Cost accounting, allowability, and allocation practices;
- Estimating and pricing practices;
- Business systems documentation and internal controls
- Earned Value
- Material Management
- Procurement and supply chain administration and management;
- Financial and other reporting requirements to the government;
- Property accountability; and
- Potential mandatory disclosure obligations.
This renewed focus on contractor transparency requires contractors to maintain a high level of accountability and responsibility, which in turn forces them to adequately address the relevant government contract compliance requirements. The emphasis on transparency also introduces a new level of necessary diligence in support of related US Government audits. The Defense Contract Audit Agency (DCAA) is the primary entity that performs audits on behalf of the federal government in conjunction with contract awards. It is, and always has been, critical for contractors to adequately plan and prepare for these audits to reduce compliance and audit risk and to increase the likelihood of achieving a successful audit outcome.
This paper addresses several key factors or leading practices that:
- are critical to incorporate into the DCAA audit process;
- will mitigate associated risk; and
- will enhance the opportunity for a successful outcome.
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