Are You Ready for a DCAA Audit?

Why Should You Attend:

The DCAA audit plays a vital role in the federal contracting process. Companies should know what to expect when DCAA comes to perform an audit. It’s important to know what DCAA looks for and what can hurt the chance of winning a contract.

This webinar will enumerate the reasons DCAA performs audits for government contracts. Participants will learn how to thoroughly prepare for a DCAA audit in order to win government contracts. Additionally, it will cover essential elements like developing an adequate and compliant accounting system as per Federal Acquisition Regulations (FAR), Defense Federal Acquisition Regulations Supplement (DFARS), and Generally Accepted Accounting Principles (GAAP) guidelines.

Areas Covered in the Webinar:

• Developing adequate pricing for contract bids
• Understanding direct and indirect costs
• Developing cost pools and allocation bases
• Developing indirect rates
• Developing an adequate and compliant accounting system per DFARS, FAR, and GAAP
• What happens during a DCAA audit/What DCAA looks for
• Developing adequate written policies and procedures
• Maintaining adequate labor records

Who Will Benefit:

• Business development personnel
• Small business owners
• Contracts managers/personnel
• Bid/estimating personnel
• Accounting personnel
• Internal and external auditors
• Contract personnel with companies currently bidding on government contracts
• Company executives/management

Instructor Profile:

Financial and business compliance coach, JeFreda Brown, helps maximize the business potential of small and medium sized businesses, nonprofits, government agencies, colleges, organizations, agencies, and self-employed individuals.

As CEO of Brown Accounting Solutions, LLC (soon to be Goshen Business Group, LLC), she can provide a unique suite of specialized services that are customized for an organization’s particular needs. Some of her areas of expertise include tax planning, budget preparation, DCAA audit consulting, government contract accounting system and internal controls compliance consulting, pricing proposal development, financial management, payroll compliance, business development/management consulting, professional development training, train the trainer services, business planning, grant writing, 501(c)(3) preparation, and more.

With over 16 years of business experience in areas such as accounting, finance, real estate, taxes, federal auditing (DoD), low income housing tax credits, project and compliance management, contract administration, human resources, and teaching, Ms. Brown is one of America’s premiere financial and business compliance coaches. She earned her BS degree in math from Mississippi State University with a minor in Spanish. She also has an MBA in finance from Mississippi College.

In November 2010, Ms. Brown was chosen as the winner of the Black Enterprise Magazine and Porsche Cars’ Intelligent Performers contest out of over 300 entries across the country. She has been featured in numerous print and online articles for various industry websites, blogs, and magazines including US News, YFS Magazine, DailyWorth, and Intuit Small Business Blog. She has also been interviewed on Bloomberg Radio and The Ambitious Entrepreneur Show. She is the author of the eBook, 12 Reasons You Need an Accountant for Your Small Business available on Amazon. Ms. Brown is also featured in the forthcoming book, How To be #HLIC Head Lady in Charge as well as the Head Ladies in Charge movie. She will be featured as an expert business coach in the online TV show, Marathon of Excellence, in the summer of 2014.

Topic Background:

The US federal government is the largest buyer of goods and services across the world. They make purchases through the federal procurement process, which is through government contracts. Companies planning to do business with the government should be prepared to be audited by the DCAA. The DCAA performs all needed contract audits for the Department of Defense (DoD). DCAA also provides other accounting and financial advisory services to DoD sections that are in charge of contract administration and procurement. It also provides contract audit services to other federal agencies as needed. DCAA’s job in performing audits and other services is to confirm that taxpayer dollars are being spent on fair and reasonable contract prices. The audits are done to ensure that companies have adequate and compliant internal control and accounting systems, business systems, written policies and procedures, pricing, and records. They also ensure compliance with FAR, DFARS, Cost Accounting Standards (CAS), Truth In Negotiations Act (TINA), and other federal acquisition rules and laws.

The fact that the government’s goal is to protect taxpayers’ dollars points out how important it is for companies to adequately prepare to do business with the government. If a company embarks on a business venture with the government, the business can grow tremendously and quickly. In essence, developing a relationship with the government can be very profitable for a business. If companies gain knowledge beforehand about the requirements, it can make the process much easier.

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