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Accounting Compliance for Government Contractors V...
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On-Demand Session
Accounting Compliance for Government Contractors Virtual - September 2024 - Session 4
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Dates
October 2024
November 2024
December 2024
January 2025
February 2025
March 2025
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Accountant
Auditor
CFO
Contract Administrator
Counsel
Director of Contracts
New to Government Contracting
Contract Manager
Procurement Officer
Sales and Business Development
Subcontract Administrator
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3 hours
This is session 4 of 4 in the Accounting Compliance for Government Contractors virtual course.
This virtual course covers accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the federal government. It's designed to explain the fundamentals of Government procurement regulatory requirements that affect a Government contractor’s accounting system, with an emphasis on cost accounting by contract. The instruction outlines the components of an acceptable contract cost accounting system in consonance with critical regulations governing those requirements, and discusses methods for adapting those regulatory requirements into a well-functioning compliant cost accounting system.
The course begins with a basic understanding of the government’s procurement approach, types of contracts, key procurement players, and other information necessary to understand the importance of a cost accounting system. More detailed discussion follows covering requirements for identifying direct costs, pooling and allocating indirect costs, capturing unallowable costs, documenting all processes, and project ledger requirements. Our instructors will outline the dangers and pitfalls of ineffective accounting practices through real-life experiences from working in the government procurement environment. This course will benefit contractors who may be new in adopting or developing their accounting systems for government contracting and also for experienced contractors who want to modify and update their existing systems and practices.
Learning Objectives:
Upon the completion you will be able to:
Demonstrate your knowledge of general cost accounting concepts
Develop acceptable accounting practices used by government contractors
Explain difference between GAAP and government contract accounting principles
Create and maintain compliant cost accounting practices
Adopt acceptable accounting system controls
Apply CAS and FAR regulations to accounting practices
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.
John C. Shire
Director, Redstone Government Consulting, Inc.
John is a Director with Redstone Government Consulting, Inc. providing government contract consulting services to our clients primarily related to the DFARS business systems, CAS Disclosure Statements, and DCAA/DCMA compliance preparation, advisory, and defense. Prior to joining Redstone Government Consulting, John served in a number of capacities with DCAA/DCMA for more than 30 years. Upon his retirement, he was based in Texas as an SES-level Corporate Audit Director for DCAA, managing a staff of 300 auditors at one of the largest DOD programs.
John began his career in the late 80s working in the Clearwater, FL audit office and over the next three decades he progressed through a number of positions within both DCAA and DCMA with career highlights as DCAA Program Manager at Ft. Belvoir, Chief of Technical Programs Division, Deputy Assistant Director-Policy, Director of the DCMA Cost and Pricing Center, the SES-level Lockheed Martin Corporate Audit Director, and Director of Integrity and Quality Assurance.
John’s three decades of experience in performing and leading DCAA auditors and DCMA reviewers provides a wealth of expertise to our clients. John’s role, not only in the performance of audits, but also in the development of audit policy affords him unique insights into the defense of audit findings and the linkage of audit program steps to the underlying regulatory framework. He is an expert in FAR, DFARS, and other agency acquisition regulation, as well as a subject matter expert in the Cost Accounting Standards having reviewed and provided audit feedback on many of the largest and most complex cost accounting practices during his tenure with the DCAA.
John’s tenure with DCAA and DCMA came at a critical time during each agency’s history where a number of changes were occurring such as the response to the ICS backlog, development of audit approaches to the DFARS Business Systems and implementation of new audit initiatives as a result of Congressional oversight through the NDAA process. John’s leadership at the DCMA Cost & Pricing center saw oversight of all major DOD pricing actions, leadership of should cost review teams, the Commercial Pricing group and many other areas of strategic value to our clients. His involvement in these and other Agency initiatives is of great value to our clients due to his in depth understanding of DCAA and DCMA’s internal policy directives.
John holds a Master of Business Administration and a B.A. in Accounting from the University of South Florida.
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