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New DCAA Audit Rules — What Firms Working for Federal Agencies and State DOTS Need to Know

Code: 13268-DL

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List Price:  $299.00

Member Price:  $199.00

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New DCAA Audit Rules — What Firms Working for Federal Agencies and State DOTS Need to Know
Speaker: T. Wayne Owens & John Shire
Recorded: April 27, 2011
Length: 90 minutes

As of last year, DCAA "simplified" its audit procedures on fixed-price contracts over $10 million. The net result is more black-and-white and fewer gray areas, meaning you either "pass" or "fail" under the crucible. Pass and your invoices are paid. Fail and your invoices may be suspended or disallowed, or you may be prevented from proposing on further public work.

John Shire of DCAA and Wayne Owens, CPA, of T. Wayne Owens & Associates, PC, walk participants through the new audit procedures and cost certifications now required on most federal contracts, including federal-aid highway projects. There are steps a firm should take to prevent potentially damaging errors in meeting these DCAA audit-based requirements. Included in the hands-on seminar will be discussion on avoiding common mistakes and how to set up your firm's internal system for achievable compliance.

As an example of the audit rules, penalties for knowingly including unallowable costs in overhead rates can include suspension, debarment, and potential prosecution under the False Claims Act, which is criminal fraud.

Participants get answers to key questions about audit, overhead and cost certification:

  • What actions from your project manager can cause severe problems with awarding agencies?
  • Is it necessary to provide detailed receipts with all expense reports?
  • Is it necessary to report all hours worked, including on overhead tasks?
  • Can a lack of specific firm policies cause trouble for the firm?
  • Even if we dont get reimbursed do we need to record all job costs?
  • How should time off be recorded on your overhead?

This seminar is a must for every firm working for or funded by US Governmental agencies. Types of projects falling under DCAA audit requirements include design and construction contracts administered by the Department of Defense (DoD), Department of Transportation (DOT), and more than 30 other Department-level and Independent Federal Agencies.


 

Instructions
This product is available as a download document only. At the end of your order, click the download link on the Order Confirmation screen. You will download a PDF with a link to the recorded seminar followed by copies of the session slides.

Product Details:
Author(s): Owens T. Wayne
Shire John

ISBN: --
Year Published: 2011

Number of Pages:
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