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3 hours
This is part 1 of a 2-part Training Academy Session focused on Accounting Compliance.

This Accounting Compliance Training Academy Session is part of a larger Training Academy series on Government Contract Compliance. Attending all 4 Training Academy Sessions will give participants a complete view of contract compliance issues, challenges and effective programs to proactively reduce compliance related situations. See more information on the Training Academy Government Contract Compliance Series - Virtual, below. 

What you will learn in this Training Academy Session:
This foundational introduction into the requirements of federal government accounting will guide both contractors and agencies through the steps necessary to ensure that their contracts are supported by proper accounting systems. You will:
  • Gain insights and knowledge on accounting compliance
  • Develop an understanding of regulatory efforts
  • Understand compliance in Cost Accounting
AGENDA -
Introduction to Regulatory Environment
  • Acquisition Cycle
  • The Regulatory Environment
  • Bid Proposals and Contract Award
  • Contract Performance and Closeout
  • Foundation Expectations of Government in Accounting Systems
Main Players in Acquisition Process
  • Procuring Contracting Officer (PCO)
  • Administrative Contracting Officer (ACO)
  • Defense Contract Audit Agency (DCAA)
  • Inspector General (IG)
Key Regulations Affecting Cost Accounting Systems
  • FAR Part 9 Contractor Qualifications
  • FAR Part 15 Contracting by Negotiations
  • FAR Part 16 Contract Types
  • FAR Part 31 Cost Principles
  • FAR Part 32 Contract Financing
  • Cost Accounting Standards (CAS)
  • Truth-in-Negotiations Act (TINA)
  • SF1408 (Standard Form 1408)
Establishing an Adequate Cost Accounting System
  • General Ledger Controls & Requirements
  • Subsidiary Systems Expectations
  • Chart of Accounts
  • Reconciliation Processes
  • Financial Monitoring including Profitability Evaluation
Basic Job Cost Accounting Expectations
  • Cost Segregation by Contract 
  • Project Cost Ledger System
  • Tracking Unallowable Costs
  • Transaction Traceability to Subsidiary Ledgers
  • Requirements of SF 1408 
  • Specific Cost Accounting Provisions
  • Direct vs. Indirect Costs
  • Accounting for Unallowable Costs
This 2-part Training Academy Sessions covers the following topics:
  • The Regulatory Environment
  • Key Regulations Affecting Cost Accounting Systems
  • FAR Part 9 Contractor Qualifications
  • FAR Part 31 Cost Principles
  • Cost Accounting Standards (CAS)
  • Truth-in-Negotiations Act (TINA)
  • Establishing an Adequate Cost Accounting System

TRAINING ACADEMY - Government Contract Compliance - Virtual

This Accounting Compliance Training Academy Session is part of a larger Training Academy series on Government Contract Compliance. It consists of this 2-part session along with three other Training Academy Sessions including Contract Compliance, Procurement Ethics and Contract Performance, and Building an Effective Compliance Program. To sign up for the entire TRAINING ACADEMY - Government Contract Compliance, go to fedpubseminars.com/fpsevents.
 
 NOTE: On-Demand Virtual Course sessions are not eligible for CLE/CPE credits.
About Our Experts
  • Courtney Edmonson
    CPA, CEO, Redstone Government Consulting
    Courtney has extensive experience with Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS) compliance, evaluation and preparation of Cost Presentations, cost accounting systems setup and reviews, and policy and procedure preparation. Prior to joining Redstone Government Consulting, Courtney served as a financial statement auditor for large and mid-tier government contractors.

    Courtney works with small and large contractors in pro-actively preparing contractors for government contracts challenges as well as resolving complex DCAA and government procurement issues. Courtney’s expertise includes establishing and/or evaluating job cost accounting structures; management and preparation of complex incurred cost and forward pricing rate proposals; evaluation of internal controls most often evaluated by DCAA to include billing and estimating systems; preparation/evaluation of policies and procedures; development of cost allowability evaluation programs, and; preparation of corrective action plans for overcoming DCAA audit findings.

    Courtney is a lead instructor for the Federal Publication Seminars course, “Government Contractor Accounting System Compliance”, and provides class instruction for other compliance courses and webinars such as “Preparation of Incurred Cost Submissions”, “Cost Accounting Standards”, and “Cost and Price Analysis”.
    Ms. Edmonson earned a Bachelor of Science Degree from Jacksonville State University and obtained her Master of Accountancy Degree from the University of Alabama in Huntsville, Alabama.
  • David Fix
    Director, Redstone Government Consulting
    David (Dave) Fix is a Director with Redstone Government Consulting, Inc. He provides Government Contract Consulting services to our Government contractors primarily related to compliance with Federal Acquisition Regulations and Cost Accounting Standards, equitable adjustment claims, and business systems. Prior to joining Redstone Government Consulting, Dave served in a number of capacities with DCAA for over 35 years. Upon his retirement, Dave was a Regional Audit Manager with DCAA.

    Dave began his DCAA career in 1986 as an auditor-trainee with the General Electric Suboffice in Pittsfield, Massachusetts. He progressed from auditor to DCAA management ranks serving in DCAA offices in Upstate New York, Columbus, Ohio and Greensboro, North Carolina in audits of major and non-major contractors. Dave served DCAA in three overseas tours, all as Branch Manager, in Kuwait/Iraq (2007), Afghanistan (2010-2012) and Kuwait (2014). Dave was promoted to Regional Special Programs Manager (RSPM) in 2015 before ultimately becoming a Regional Audit Manager (RAM) in October 2019. While a RSPM, Dave worked with DCAA’s other three RSPMs with updating the Agency-wide audit planning process including assigning priorities and determining funded/unfunded audits that is currently being used by DCAA. While a RAM, Dave had overall management responsibility for audits performed by approximately 140 employees including one of DCAA’s largest shipyards. During his career, he served as guest instructor at DCAA’s Defense Contract Audit Institute (DCAI) bringing field perspective to “Advance Auditing Issues” and “Supervisors’ Course” as well as served as a DCAI adjunct instructor over DCAA auditors’ initial two-week training course prior to his retirement.

    Dave served 36 years in the Air Force Reserve/Air National Guard in both enlisted and officer positions retiring at the rank of Lieutenant Colonel. His last duty station was Air Force Reserve Command (AFRC) Headquarters, Robins Air Force Base, Inspector General Office serving as the Chief, Contracting Inspections leading inspections of AFRC’s 10 contracting offices as well as assisting in inspections of AFRC
    finance offices.

    Dave currently specializes in preparing clients for more complex DCAA audits, providing advice on FAR cost principles and contracts regulatory provisions and in assisting clients in anticipating and addressing audit.
    Dave earned a Bachelor of Science degree in Accounting from the State University of New York at Buffalo and a Master of Science degree in accounting from Western New England College (now University). He is also a graduate of the Department of Defense’s Executive Leadership Development Program.
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