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1 hour
Day 1 Session 5 -- Update: Government Contract Costs, Cost Accounting Standards, TINA, and DCAA Activity

This session will focus on the challenges with cost accounting, TINA and DCAA activities from FY24 and what contractors can expect to be the audit focus for FY25.   On June 7, 2024, DCAA released their report to Congress discussing the savings and audits conducted over the past year.  They included in ROI calculations for various types of audits conducted. This session will cover what was in the report, plus CAS Board activity, recent regulatory updates and proposed rules anticipated for FY25.
About Our Experts
  • Stephen Knight
    Senior Counsel, Haynes Boone
    Stephen Knight has practiced government contract law for more than 40 years, counseling and litigating on behalf of clients in all aspects of that practice. He has significant experience in claims and disputes, with special emphasis on costing and pricing issues involving cost allocability and allowability, Cost Accounting Standards, defective pricing under the Truth in Negotiations Act, and government audits. Stephen has substantial experience in compliance issues pertaining to government contractors and frequently assists clients in evaluating the requirement and manner of making disclosures to the government. He has conducted compliance reviews for clients, assisting in reviewing and evaluating internal controls, conducting training and evaluating specific compliance issues such as business systems and socio-economic requirements in government contracts. Stephen represents prime contractors as well as subcontractors in the manufacturing and services sectors and is experienced in ascertaining the necessary government contract requirements for inclusion in subcontracts.
    J.D., University of Virginia School of Law, 1978
    B.A., University of Virginia, 1975, with honors
  • Tom Reynolds
    Partner, HKA
    Tom Reynolds is a Partner in HKA’s Government Contracts Practice in Washington, D.C. Tom is a forensic accountant and CPA with 20 years of experience helping government contractors navigate the complex government contracting compliance rules and regulations. Tom has provided government contract accounting, auditing and advisory support to government contractors across numerous industries, including aerospace and defense, manufacturing, healthcare, construction, engineering, and professional services. Tom has presented contractors’ positions and facilitated negotiations with contracting officers, DCAA, DCMA, and other regulatory bodies.

    Tom has supported government contractors in connection with business systems compliance assessments, DCAA/DCMA audit support, False Claims Act disputes, merger and acquisition due diligence and post-merger integration, and indirect rate modelling and analysis. Tom deals extensively with critical government contracting regulations and requirements, including the FAR, DFARS, and CAS.
    BS, Business Administration (Accounting), Spring Hill College
    MS, Accountancy, University of Notre Dame
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