Unlike some other business systems, the requirement to have an adequate accounting system is driven by type of contract and/or proposal not necessarily by contract size or business size. Cost reimbursable, incentive type, time and materials, labor hour, and of course cost accounting standards covered contracts all require a contracting officer to make a determination about the contractor's accounting system. However, there has been ambiguity around what is meant by an adequate, acceptable, and/or approved system that we will help alleviate here.
Join this informative session to clarify the concepts of an adequate, acceptable, and approved accounting system, focusing on compliance, efficiency, and best practices for system selection in the context of various contract types.
Intended Audience: Industry and Government
Level of Difficulty: Beginner - Intermediate
- Acquire tips, skills, and facts to improve compliance awareness, productivity, and efficiency.
- Understand the differences and meaning of adequate, acceptable, and approved when encountering them in solicitations and awards.
- Learn about key risk areas and some best practices when setting up or selecting an accounting system to be sufficient for award.
- B.3 Financial Management
- 1.4 Regulatory Compliance
- 2.3 Plan Sales
Alex Mikhelson, CPA, Director, BakerTilly
- Alex is a Director in Baker Tilly’s government contractor solutions practice and brings over 16 years of experience to the firm. Alex sets clients up for success by assisting with a wide spectrum of Government Contracting and Grant compliance challenges from business system reviews, contract pricing, termination for convenience proposals, indirect rate structuring to audit and investigation support and resolution.
Alex is also the practice's resident expert on Government Property and related challenges. Alex's background includes Financial Improvement and Audit Readiness, Government property management, business process re-engineering, managers’ internal control program (OMB A-123), DoD acquisition and logistics, and forensic auditing.
- 1.5 CPE/CLP credits for participation
- $55 member/ $69 non-member