Timekeeping for Government Contractors
March 4, 2024 @ 10:00 am - 1:15 pm
Course participants will learn regulatory requirements and expectations related to timekeeping/labor reporting. Additionally, this overview serves as a guide through specific FAR and CAS regulations as well as best practices for labor compliance. This course guides the participant through writing policies and procedures, an overview on labor laws and acts, timekeeping roles and compensation requirements, labor accounting methods, and how to prepare employees for audits. The seminar is beneficial to company personnel who are new to government contracting and want to assist their workforce into a world of labor compliance. Learn about the government audit programs for timekeeping and what takes place when the government auditors conduct unannounced floor check interviews. Also, understanding the government internal control audit plan and ways to re-mediate non-compliance will be covered during this course.
- Understand regulatory requirements and expectations related to recording labor hours and the related billed cost.
- Outline acceptable company policy and procedures for timekeeping.
- What key business systems labor entry affects.
- Employee responsibilities and manager roles and expectations when validating/signing off time cards.
- Know when to perform and document internal labor audits; what happens in a unannounced floor check.
- Develop internal control labor audit plans.
- Understanding the differences between manual versus system automated time cards.
- Know how to identify non-compliance factors and issues; dealing with false claims and writing/following a remediation plan for corrective action.