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What Exactly Is a DCAA Audit and Why Should You Care?

To most contractors with the government, the mere mention of DCAA audit will cause heart palpitations. However, the real thing is that the audit is not the killer, but lack of preparedness. Small business entering the world of federal contracts or long-established contractors with a few ongoing projects, DCAA compliance is the key to long-term success.

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What Exactly Is a DCAA Audit and Why Should You Care?

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  1. What Exactly Is a DCAA Audit and Why Should You Care? To most contractors with the government, the mere mention of DCAA audit will cause heart palpitations. However, the real thing is that the audit is not the killer, but lack of preparedness. Small business entering the world of federal contracts or long- established contractors with a few ongoing projects, DCAA compliance is the key to long-term success. So, what is DCAA audit after all? The Defense Contract Audit Agency (DCAA) carries the responsibility of auditing the account systems, cost structure and compliance procedure keeping an eye on the working of the government funds. They are going to ensure that your business is playing by the rules; particularly those which are buried in the Federal Acquisition Regulation (FAR). The DCAA does not stick to time keeping methods, cost allocations, and indirect rates structure. They do deep dives. And what will be their find when they receive wrinkles? You will lose your allowed expenses, delayed payment or even future contracts.

  2. The good news is that? The DCAA compliance does not need to be impossible. It begins with clean books, proper documentation, a compliant accounting system and with a clear view of really knowing what the DCAA is trying to find. That is where a lot of businesses fail. They wait until the audit comes knocking on the door instead of developing systems that can take scrutiny at any given day of the week. The more positive news is- You do not need to go through it alone. Our team members at DCAA Consulting assist contractors around the nation in developing systems that can pass an audit, avoid routinely made mistakes, and be compliant on their first day. Our team of experts will be alleviating any questions you have as you prepare your first audit or assist with the response to findings. Since, in the case of DCAA audits, preparation is not a choice, it is the greatest protection. Team up with DCAA Consulting where clarity comes to meet compliance!

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