To minimize abuse and fraud, the federal government is tightening compliance regulations and increasing penalties for companies that fail to comply with procurement regulations like those from the DCAA. Operating in compliance is no longer considered a best practice: it’s now a requirement that can be both challenging and time-consuming.
For this reason, a DCAA audit can be a stressful time for government contractors. However, it doesn’t have to be. NeoSystems provides government contractors with the accounting and financial management support they need to ensure full DCAA compliance and avoid the repercussions of a failed audit.
What Is DCAA Compliance?
The Defense Contract Audit Agency (DCAA) provides audit and financial advisory services for federal entities like the Department of Defense. When the DCAA performs an audit on a government contractor to test for compliance, they are looking at the contractor’s compliance with Federal Acquisition Regulations, also known as the FAR. This is a set of rules in the Federal Acquisition Regulation System issued by federal agencies that determines the processes and requirements surrounding the government’s purchasing of goods and services.
To be DCAA compliant means that a government contractor must follow specific FAR rules, which must be proven using an audit. If a contractor is not in compliance with the FAR, they are not DCAA compliant and may be excluded from future government contracts, or even contracts with other government contractors. It’s also possible that a contractor in the middle of completing a contract could have their compliant status revoked, resulting in their contract with the government being nullified. For these reasons, DCAA compliance is critical for all government contractors, regardless of their size.
DCAA Compliant Consultants for Government Contractors
NeoSystems’ highly experienced compliance consulting professionals use industry-proven best practices and sophisticated, leading technology software packages to assist contractors in meeting today’s challenges. We produce essential data, including indirect rate budgets, Earned Value Management (EVM) reports, and other information needed for efficient operations and compliance with the requirements followed by DCAA.
NeoSystems’ DCAA compliance support includes:
- DCAA training, guidance and assistance through DCAA audits
- Assessments and implementations of DCAA approved accounting systems, including Deltek Costpoint® and GCS Premier/First Essentials migrations®
- Audits and reviews of timekeeping systems, including Deltek Time and Expense™
- Compliance and cost-recovery assessments
- Indirect rates and forward-pricing requests
- Implementing compliant procedures and processes
- Development of Cost Accounting Standards (CAS) disclosure statements
- Preparation of incurred cost submissions
NeoSystems’ flexible approach provides for on-site or off-site support on a part-time, full-time, or project basis. Our DCAA compliance consultants and services help control costs and increase efficiencies, giving management teams more time to focus on growing their businesses while ensuring they have the necessary DCAA compliant accounting software, documentation and reporting to meet audit requirements.
Make the Move
Contact NeoSystems today to learn more about DCAA compliance and how NeoSystems can help your organization maintain compliance.