Accounting and Auditing for Government Contracts
Overview
Doing business with the federal government can be extremely challenging. Layering the extensive accounting requirements, internal controls, and system expectations that come with federal government contracts, it can become downright frightening. This course is designed to help contractors navigate the details of these requirements so that they can successfully recover all allowable and allocable contract costs incurred in support of their contracts. This course will also prepare contractors for the accounting requirements of government contracts and strategies in preparing for audits. Instructors provide real life examples of the challenges associated with the existing accounting and audit environment. Whether your company is new to government contracting or has been in the business for years, this course will be valuable to ensuring that you are up to speed with these ever-changing requirements and are prepared for the audit.
This course may also be eligible for the following credits through The Public Contracting Institute:
- 13 CLEs
- 13 CLPs
- 15.6 CPEs
If CLE credits are needed, the request along with the jurisdiction must be received before the start of the training.
+ Features
- Identify basic accounting terms and procedures required for government contracts.
- Identify and discuss Federal Acquisition Regulations related to the determination of the allowability, allocability, and reasonableness of costs.
- Identify contract types and different interim financing methods.
- Identify revenue recognition methods unique to government contracts.
- Identify special reporting requirements.
- Distinguish competitive vs. non-competitive procurements.
- Government contractor system expectations– accounting, estimating, timekeeping, and purchasing.
- Determine the current audit environment through an overview of DCAA.
- Examine the incurred cost submission and audit approach including penalties for unallowable costs.
Continuing Education Units: 1.3 CEUs
George Mason University Continuing and Professional Education (formerly George Mason University Executive and Professional Education) 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417.
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