Government Contract Audits: Mitigating Risk

Depending on the types of contracts you have, you can face a vast amount of audit oversight. It can translate into disallowed costs, penalties, fines, and loss of credibility with government customers. Understanding the regulatory government audit mindset and how to prepare for a broad range of audits will place you a step ahead in mitigating the risk of adverse audit problems.

 

To reduce and avoid audit problems, contractors must understand the audit objectives, techniques, specific areas of audit emphasis, and the options for analyzing and effectively responding to audit findings. Employing best practices in dealing with auditors on a regular basis and formulating an effective chain of communication during the course of various audits, will often achieve this objective. But, mitigating the risk of audit problems and successfully resolving audit problems also requires a thorough understanding of certain audits that most frequently raise adverse issues, as well as a contractor’s responsibilities and rights for effectively addressing questioned costs or challenges to internal controls that result from audits.  Government contractors must also be vigilant and diligent in understanding the sequence of steps and levels of government procurement authorities in resolving audit disputes. 

 

Join our distinguished course faculty from Redstone Government Consulting, Inc. for a 2-day course that will teach you how to prepare for audits; the audit objectives and procedures employed by auditors; how to interact with auditors; and effective methods for deterring and addressing audit issues will mitigate the risk of cost disallowances, loss of contract opportunities, and an image of tainted credibility with the government.