This course is designed to assist contractors with being well-informed on government contract audit strategies to facilitate a pro-active approach to effectively prepare for audits and to understand and respond to audit findings.
In today’s relatively aggressive audit environment, a government contractor must keep abreast of the ever expanding audits and the audit strategies which could yield audits which impact a contractor’s ability to recover costs or to obtain government contracts.
The vast majority of lecture centers around the Defense Contract Audit Agency (DCAA), their mission, their evolving audit policies, and how to deal with the audits they are chartered to perform. This course includes:
- Understanding the DCAA structure, objectives, and auditing standards
- Preparing for an audit, and interfacing with auditors
- Mitigating audit risk through effective planning including how to obtain, read and interpret DCAA audit guidance and audit programs
- Effectively responding to audit inquiries during the audit as well as to audit findings at audit completion and recognizing weaknesses in auditor assertions
- Specific guidance on certain types of audits that most frequently precipitate findings, such as incurred cost, internal controls, bid proposals, and defective pricing
- Unique cost challenges and audit issues, to include costs/areas such as credits and refunds, reasonableness concepts, access to records and DCAA process for cost suspensions
- Current DCAA audit trends, events, initiatives, and including external influences on DCAA
