Best Practices for Contract Closeout

This course will explore best practices in closing multiple types of contracts, covering such topics as indirect rates, flexibly priced contracts, audits, financial settlements, and record retention policies. | Self-Paced | Course | Beginner | 2 CPE/CLP | 2 Hours | $180 member/$230 non-member


This course will present government contractors and subcontractors with key financial elements of closing multiple types of contracts, including how final negotiated indirect rates affect flexibly priced contracts. The course will discuss the effects of untimely audits, settlement of multiple fiscal years, and record retention policies. Finally, participants will learn about specific audit risks related to a number of these factors, and recent government policy updates related to contract closeout.

Intended Audience: Contract managers, subcontractors

Level of Difficulty: Beginner

Learning Objectives:

  1. Identify policy areas and record retention requirements that affect contract closeout
  2. Discuss ways to keep accounting system records and prepare your Incurred Cost Submission, including Open contracts and Schedule O, Cumulative billings and Schedule I, and Populating the Cumulative Allowable Cost Worksheet (CACWS).

CMBOK Competency:

  • 4.5 - Close Out Contract


  • Russell Forbes, Manager, Baker Tilly
  • Drew Lewis, Manager, Baker Tilly


  • 2 CPE/CLP


  • $180 member/ $230 non-member

Course Access:

Registration is closed.