Welcome to the era of Annual Defense Audits.
At this point, everyone operating in the defense industry should be aware of the Financial Improvement and Audit Readiness (FIAR) Mandate, which is the Department of Defense’s (DOD) established plan for improving asset and inventory accountability.
Last year (2018) marked the first-ever full financial statement audit of the entire Department of Defense. Results from the audit were mixed, but many in the Pentagon have pointed out that simply completing an audit of this magnitude for the first time should in itself be viewed as a success.
One of the clear outcomes from last year’s audit process is that the defense audit as an annual exercise will continue for years to come. Former DOD Comptroller, David Norquist clarified when he said:
“It’ll be an annual process, and as I like to say to the workforce, it will go on as long as we both shall live.”
Steps Toward Audit Confidence
With the 2019 audit already underway, today’s government contractors need to have business systems in place to help them achieve compliance with Defense Contract Audit Agency (DCAA), for financial accounting, and Defense Contract Management Agency (DCMA) audits, for physical assets.
As a government contractor, it’s a critical responsibility to maintain compliance with federal rules and regulations. Unfortunately, this is no small task. There are a myriad of regulations to comprehend and adhere to. Read More
DCAA and DCMA Audit Confidence
This article was originally written by A2B Tracking’s CEO, Peter Collins and first published on the Deltek website. To read the rest of this article on DCAA and DCMA Audit Confidence and to learn more about how Deltek Costpoint and the A2B Tracking software platforms can provide a path to contract compliance for Government Contractors click here.
