Prior to being awarded a cost-reimbursable contract, federal government contractors need to ensure their accounting system is adequate for accumulating costs applicable to federal contracts. This is accomplished when DCAA conducts a Preaward Accounting System Audit at the request of a federal agency. Join DCAA as we discuss the federal regulations that define an acceptable accounting system, evaluate the minimum requirements of the SF 1408 criteria, and how small businesses can prepare for this type of audit. Together, we will differentiate between direct versus indirect costs, define total contract costs, provide an overview of indirect allocation bases, and learn how FAR Part 31 clauses describe allowability, allocability, and reasonableness.

Target Audience: Small business contractors, CPAs, APEX Accelerators