3-Hr Virtual Seminar - Understanding DFAR and Developing Compliance - DCAA Audit, Labor Records, Penalties, Policies & Procedures

Why Should You Attend:

If a company plans to do business with the government, it can grow the business tremendously and quickly. 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.

This training program will offer attendees a strong knowledge of DFARS and help organizations avoid pitfalls that can cost a lot of money and time. The best practices discussed in the virtual session can save organizations from losing contracts and avoid having to pay hefty fines for noncompliance with these regulations. The session will also discuss major parts of DFARS that business owners should be aware of.

It will provide valuable information for small businesses, medium/large commercial companies, nonprofit organizations, colleges, universities, and other organizations who currently do or want to do business with the government.

Areas Covered in the Webinar:

• Understanding the purpose of DFARS
• Understanding business practices and conflicts of interest prohibited by DFARS
• Learning how to develop a compliant and acceptable accounting system per DFARS
• What happens during a DCAA audit/what DCAA looks for
• Understanding DFARS requirements for identifying and accumulating direct and indirect costs
• Developing adequate written policies and procedures
• Maintaining adequate labor records
• Areas where contractors are normally deficient and possible penalties

Who Will Benefit:

• Business development personnel
• Small business owners
• Contracts managers/personnel
• Bid/estimating personnel
• Accounting personnel
• Internal auditors
• 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. Currently the CEO of Goshen Business Group, LLC, 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, she is a former senior auditor with DCAA. 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.

Ms. Brown has been featured in numerous print and online articles for various industry websites, blogs, and magazines including US News, YFS Magazine, Daily Worth, 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. She is also an Online Adjunct Professor with Indiana Wesleyan University in the DeVoe Business School. She was appointed to Women Impacting Public Policy (WIPP)'s Leadership Advisory Council in 2015.

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. However, before attempting to do business with the government, organizations need to have strong knowledge of the regulations that govern how the government makes its purchases. The main set of federal regulations that organizations should know is The Federal Acquisition Regulation (FAR). FAR is what all of the federal executive agencies comply with in the acquisition of products and services. FAR ensures that these agencies have a standard way of purchasing products and services and that it is done fairly. There is a set of supplemental rules to FAR that organizations also need to have a strong knowledge of. This set of rules is called Defense Federal Acquisition Regulation Supplement (DFARS). Organizations must also apply DFARS rules in addition to FAR when bidding on government contracts. DFARS discusses implementation of Department of Defense (DoD) policies and laws.

Companies planning to do business with the government should be prepared to be audited by the Defense Contract Audit Agency (DCAA). 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. DCAA 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. Having a strong knowledge of DFARS helps organization understand what is required when pricing proposals, developing a compliant accounting system, and maintenance of contracts.

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