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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…

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The past month has seen a number of proposed acquisition changes. Remember that the FAR/DFARS is updated on a regular basis. As you read the updates, take note of “proposed” rules versus “final” rules, effective dates, and comment periods. When reviewing an RFP/Q or other document, note the effective date of the contract and the…

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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…

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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…

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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…

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The minute you sign a contract with an agency of the federal government, one thing becomes certain: you will be audited. In fact, depending on your contract, you may undergo several types of contract, proposal, or business system reviews or audits. A wide body of continually changing federal regulations affect how the government ensures that…

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Congratulations! You Submitted Your Incurred Cost Proposal. But is it Adequate? If your company has flexibly priced or time-and-materials federal contracts that contain the Allowable Cost & Payment clause (FAR 52.216‐7), you are required to file an Incurred Cost Proposal (also known as an Incurred Cost Submission) within six months of the end of your…

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Part 3:  Essential Information Security Policies Now that you have an understanding of the rules, what systems must be covered and security tools you can use to comply, it’s time to consider policies. Keep in mind that your investment in security tools can be rendered useless without appropriate policies and training in place to require…

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Part 2:  Covered Systems and Security Tools In the 21st century, broadband networks and information technology have become powerful tools for small businesses. They help business reach new markets and increase sales and productivity. However, the same technology that powers business improvement is vulnerable to attack. Businesses must implement the best tools and tactics to…

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Part 1: New Rules Go Into Effect December 31. Federal government agencies rely upon external contractors to carry out a wide range of functions. Many contractors have access to sensitive data that could, if compromised, potentially reveal classified information, threaten national security or even put lives at risk. As a result, cybersecurity is a critical…

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