Government Accounting Requirements and Preparing for Contract Audits (TX)
November 6 @ 9:00 am - November 7 @ 4:00 pm$995
These courses are designed to cover two separate but complementary topics. They are designed to be taken together but can be taken separately.
Day 1: Federal Government Contract Accounting
Contracting with the U.S. Government can be challenging, but when you consider the unique accounting requirements, internal controls and system expectations, and government regulations, it can become overwhelming. This course is designed to help contractors navigate these requirements to successfully recover all allowable costs incurred in support of their contracts. Whether your company is new to government contracting or has years of experience, this course will help ensure you are up to speed on these changing accounting requirements.
Day 2: Preparing for a Federal Government Contract Audit
The course is designed to help government contractors develop strategies for mitigating contract cost audit risk and vulnerability by discussing the processes used by contract auditors. This course provides an overview of the government contract audit process, auditor expectations regarding the adequacy of accounting systems, labor timekeeping and distribution, cost representations for forward pricing, billing, and incurred costs. By knowing the factors and processes that influence contract audit risk, contractors will be in a better position to develop strategies to handle issues that arise during contract audits. This course is recommended for those individuals responsible for contract audit related issues and preparing cost input or information for audit review.
- Discuss basic accounting terms and procedures required for contracting with the Federal Government
- Discuss the differences between direct and indirect costs and indirect cost allocation methods
- Discuss labor accounting system internal controls
- Discuss the applicable Federal Acquisition Regulations addressing the allowability, allocability and reasonableness of contract costs
- Discuss the accounting requirements for unallowable costs
- Discuss the different government contract types and interim financing methods
- Discuss special reporting requirements
- Discuss general audit expectations for government contractors
- Discuss audit expectations for the adequacy of accounting systems, timekeeping and labor distribution, and cost accumulation
- Discuss audit risk assessments and quality of audit evidence
- Discuss Truthful Cost or Pricing Data (aka TINA) requirements and audits of forward pricing proposals
- Discuss audits of incurred costs
- Discuss the impact of penalties for unallowable costs
- Discuss audit risk management and strategies
Continuing Education Credits
11 CLE/ 13 CPE / 1.1 CEU credits may be earned for this course. This course is recommended for 16 CLP credits.
This course has been approved for CLE in CA, PA, VA and TX. Because this activity has been approved in another CLE jurisdiction, you may also receive credit for participation in AK, AZ, AR, CO, FL, HI, IL, ME, MT, NJ, NY, ND, and WI (additional state requirements may apply). If you are seeking CLE credits for a jurisdiction other than the ones listed above, please contact us for additional information.
This course can be submitted to Project Management Institute (PMI) for PDU. Upon their approval, it may be worth 11 PDU credits.
The Public Contracting Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.