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When Communicating with an Auditor, be careful what you say

Not long ago, we were told of a CEO of a company who opined with a bank auditor about a particular aspect of the company's financial statements. The CEO's opinion led to a line of questioning by the auditor that resulted in the bank to declining a major line of credit facility for his company.  You should understand that...

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DCAA FAR 31.205 Cost Principals Guidebook

From time to time given the nature of our business, we receive inquiries about whether a specific cost is allowable (billable/recoverable) under a federal contract. While it makes sense for contractors to familiarize themselves with the Federal Acquisition Regulations Part 31.205, it sometimes is just easier to ask around...

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Accounting Treatment for your Government Sales Activities

In today's super competitive government contracting business environment with its emphasis on low price, building a government sales “pipeline” is essential in increasing your odds of winning. Tracking the sales function should be done using cost accounting data to measure sales expenses and to give visibility and...

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Evaluating Cost Accounting Software for DCAA Compliance

According to the Website Findaccountingsoftware.com there are 700+ Commercial off-the-shelf (COTS) accounting packages available today. How many of these do you suppose can likely be configured to be DCAA compliant with proper setup? You might be surprised to learn that the correct answer is the vast majority of them! Upon...

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Reduction in Proposal Audits to be Offset in Other Areas

In late 2010, DoD procedures were amended and will likely result in fewer proposal audits. However, this good news comes with a dark cloud. The reduction in proposal audits is likely to be countered by an increase in other DCAA audits. Accounting firm Cherry, Bekaert, & Holland listed a few areasthat may come under...

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