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Accounting Impacts of NDAA 2018

Each year brings about new budgets and new National Defense Authorization Acts (NDAA). NDAAs address funding, strategic plans, and rules affecting the defense acquisition process. NDAA 2018 is no exception and here are the highlights regarding cost, price, and accounting. The NDAA 2018 raises the thresholds for a number of procurement regulations reflecting a recognition…

Commercial Item Updates in NDAA 2018

Each year brings about new budgets and new National Defense Authorization Acts (NDAA). NDAAs address funding, strategic plans, and rules affecting the defense acquisition process. NDAA 2018 is no exception and here are the highlights regarding cost, price, and accounting. The NDAA includes a number of provisions that reinforce the Congress’ commitment to the acquisition…

Why January is the Best Time to Begin Preparing the Incurred Cost Proposal

A new year presents new opportunities for working more efficiently and effectively. When dealing with federal contracts, the Incurred Cost Proposal (ICP) presents one of the biggest opportunities. You’re closing 2017 and preparing for taxes anyway. What better time to gather information and documents for the ICP? Not sure what an Incurred Cost Proposal is…

Why Hire a CPA for Government Cybersecurity?

Could your business recover from an abrupt loss of $82,000 to 256,000? That’s how much a single cybersecurity breach could cost a small business, according to an analysis by Tech Republic. For federal government contractors, the stakes are even higher. DFARS 252.204.7008 (Compliance with Safeguarding and Covered Defense Information Controls), and 252.204.7012 (Safeguarding Covered Defense…

Surviving the DCAA Exit Conference and Audit Remediation

Months can expire between the conclusion of an audit and when the DCAA issues an audit report. Save yourselves needless speculation and angst! Make sure to hold an exit conference before auditors leave your premises. You may want to request that the auditor and the auditor’s supervisor both attend the meeting, Your designated point of…

Received a DCAA Audit Letter? Don’t Panic!

For government contractors, auditing is a matter of when – not if. Yet many contractors still panic when they receive the inevitable audit request from the Defense Contract Audit Agency. If you have been preparing from the start of your contract, you should be in good shape to withstand an audit. Yet, even if you…