What is it
Total Number of Credits = 8
Fields of Study
Accounting (Govmnt) 1.0
Auditing (Govmnt) 3.0
Business Mgmnt and Org 1.0
Management Adv Services 1.0
Specialized Knw and Apps 1.0
Speaker: Matthew McKelvey
Where: Location & Directions
DCAA Audit Workshop
Defense Contract Audit Agency (DCAA) Audits are a fact of life for Federal Government contractors. Being prepared in advance of an audit greatly increases the likelihood of a successful audit outcome. Fedmarket's Audit Workshop will guide participants through multiple DCAA audits - including pre-award, accounting system, purchasing system, and estimating system. Participants will learn how to:
- Prepare your company in advance for an audit,
- Respond to DCAA requests for information,
- Support an audit in process, and
- Address post-audit actions.
Why is This Seminar Different?
All Federal Contractors eventually must endure and pass a DCAA audit. Federal RFPs increasingly request/ require a company's DCAA Audit status, especially for accounting and purchasing systems. No company wants to miss an opportunity to respond to an RFP because they have not passed an audit. And without proper preparation and processes in place, an audit can be disruptive and difficult. This workshop will provide a detailed overview of the entire process, from pre-audit preparation through post-audit initiatives.
Who Should Attend?
The course can be beneficial to two groups of employees. For pricing and accounting this workshop will provide the step by step actions you can take to dramatically improve the likelihood of passing a DCAA audit. For senior management this workshop can provide insight into what DCAA is looking for, and why it is critical for the bid and proposal process of your organization. In today's competitive environment even the smallest oversight can result in a company not passing an audit, and missing out on a crucial bid. A successful audit is dependent on a solid and well-documented system. With preparation and planning your business will be able to pass any DCAA audit.
Why Should You Attend?
Creating the systems for your company which will pass DCAA scrutiny requires a full appreciation of the entire audit process. This workshop will provide not only the basic steps required, but also anecdotal examples to help you to be prepared for what to expect.
Part I- Audit Background
- About DCAA
- Audit triggers
- The risks associated with not passing an audit
Part II- Audit Stages
- Pre-audit request preparation
- When to start preparing
- The value of operating an approved system before audit
- Mock Audit
- Do I request an Audit?
- Audit request preparation
- Understanding what DCAA is looking for
- Ensuring a full response
- Providing the right amount of information
- What to have prepared in addition to the auditor request
- Audit performance
- How to prepare for the auditor
- What to expect
- Who to have available
- How to plan for the disruption of an audit
- Post Audit Review
- Requesting information from DCAA
- Exit conferences
- Actions to take to eliminate any negative DCAA findings
- If we fail an audit, what are our options?
Part III- The Pre-Award Audit
- What is the likelihood of a pre-award audit?
- Standard audit timeline
- Typical DCAA information requests
- How does audit affect my bid chances?
Part IV- Accounting Systems Audit
- Definition of an accounting system
- When an adequate accounting system is required.
- How long should my procedures be in place prior to audit?
- Internal Audit
- The DCAA Accounting System audit procedure
Part V- Estimating Systems Audit
- Definition of an Estimating System
- Relationship between estimating and accounting systems
- Certified Cost of Pricing Data
- Bidding strategies
Part VI- Purchasing System Audit
- Definition of Purchasing System
- Materials and ODCs
- Common Pitfalls
Part VII- Advanced topics
- Tailored to class needs. Has included:
- International Issues
- Forward pricing/ Final indirect Rates
- Conflict with DCAA Auditors
- Working Relationships with DCAA Auditors
Cancellations & Rescheduling
Cancellation notification must be received one week prior to the course date. Upon notification, your registration fee will be refunded less a $100 non-refundable processing fee. Any cancellations beyond the one week period are non-refundable but you have the option of rescheduling. If you reschedule to attend another course, we will apply your prior payment toward your new registration fee. No refunds will be made for the cancellation of a rescheduled course. Personnel substitutions may be made at any time. Payment must be received prior to the course date. No-shows are liable for the full course fee.