June 27th, 2017 from 10:00AM to 12:30PM
Introduction and DCAA Overview
The presentation will provide an overview of the Defense Contract Audit Agency including the responsibilities and duties. The types of DCAA audits can that can be performed throughout the various phases of a contract will be discussed. Finally, participants will learn about the DCAA Internet resources and presentations that are available.
Accounting System Requirements
The presentation will provide an overview of the pre-award accounting system design review process. Participants will learn what occurs prior to the award of a cost-type contract, what is contained in the SF 1408, and what the applicable DFARS regulations say with regard to what comprises an acceptable accounting system. Total contract costs, including direct costs and indirect costs will be discussed. Examples of typically seen indirect rates will be provided as well as a discussion of selecting a proper allocation base will also be provided. Participants will learn about the FAR Part 31 clauses that cover allowability, allocability, and reasonableness as well as concepts such as Contract Terms, Accounting for Contract Costs, Labor System, Timekeeping, Unallowable Costs, Cost by Contract Line Item, Billings, Cost Accounting Information, and Management Reviews/Internal Audits along with the applicable DFARS clauses. Finally, some common deficiencies will be discussed.
Presenter Sherry Kobus is the Small Business Program Manager and at DCAA Headquarters in Fort Belvoir, Virginia. In this capacity, she serves as the program manager and audit expert for the small business program with responsibility to provide assistance, consultation and internal control with regard to audit requirements and their application to small business.
Presenter Erika Rice is a Financial Liaison Advisor (FLA) at Defense Contract Audit Agency (DCAA). In this capacity, she serves the Office of Naval Research and US Army Core of Engineers to provide effective liaison and financial advisory services that help enhance this working relationship and articulate/convey varied, complex and at times, controversial and/or sensitive complex contract audit and accounting requirements. She earned her Master’s Business Administration with a concentration in Accounting from the University of Phoenix.
University of Mary Washington Center for Economic Development
1125 Jefferson Davis Hwy Suite 400
Fredericksburg, VA 22401