In an Age of Increased Scrutiny, What Makes an Accounting System Adequate

Adequate accounting systems are critical to the success of most government contractors. Without one, you cannot be awarded a federal cost reimbursement contract. Now that the Defense Contract Audit Agency (DCAA) caught up on incurred cost audits, many contractors are experiencing increased scrutiny of their business systems – especially their accounting system. On top of that, Congress has continued to demonstrate a preference to allow third-party auditors to perform some of these reviews. Regardless of who does the audit, the criteria and the expectations remain unchanged.

Please join your hosts, Mike Mardesich and Brad Tress of DHG's Government Contract Advisory Team as they discuss the following:

• What is an adequate accounting system?
• Standard Form 1408 vs. the DFARS accounting system criteria
• A walkthrough of each accounting system criteria
• How to prepare for audit and be deemed adequate
• Review of Business System Requirements
• The benefits and consequences of adequacy and inadequacy
• How can I get my system audited?
• Who may audit my system?
• Current Regulatory Environment