Accounting for Federal Contracts and Dealing with Audits: George Mason Continuing Education

In this two-day course, the emphasis is placed on accounting for services as distinguished from traditional manufacturing cost accumulation systems. This course covers direct and indirect cost classification, pooling, and the role of DCAA in audits, contractor surveillance, internal control requirements, and cost accumulation standards for automated accounting systems. Participants take an in-depth look at incurred cost submissions, the development of policies and procedures that will pass audit, and ways to limit the scope of audits. The course addresses government billing requirements, revenue recognition, the importance of coordination between contract administration and accounting, internal reporting for project managers, and ways to maximize cost recovery.

This two-day course is offered through the unique partnership between Deltek, Inc., and George Mason University. No prerequisite or advanced preparation is required, although we suggest taking the Government Contracting Fundamentals first in the series. Courses are scheduled throughout the year and can be taken individually or as part of the Contracting with the Federal Government Certificate Program to earn a George Mason University Certificate of Completion. In addition, this program can be scheduled for group training at your site, at your convenience, through contractual arrangements. Contact us at 703-993-4800 for current course schedules, to register, or to discuss onsite possibilities.

Describe a typical government contracting cost accounting structure and why it is unique to this field
Define the key terms for use in discussing indirect rate calculations and applications
Demonstrate the formula for computing indirect rates for application to government contract direct costs
Discuss the life cycle of indirect rates, also the process of developing and managing indirect rates throughout this lifecycle
Examine the purpose, submission requirements, timing, and strategies for submitting and supporting your company's incurred cost submission to the government
Identify major types of government contracts, including considerations for billing, revenue recognition, and unbilled receivables processes
Discuss reporting requirements for accounting systems, especially in relation to the various types of contracts
Detail the key financial reports and explain the relationship between these reports and various management reports generated by the accounting system
Within an audit environment, discuss: major types of audit, strategies for audit preparation, management of the process, and the roles and responsibilities of the government auditors

This course is part of the Contracting with the Federal Government Certificate, offered through a unique partnership between George Mason University and Deltek, Inc. - a leading provider of software, solutions and training to government contractors.

The comprehensive program includes five in-depth courses taught by experienced Deltek professionals. Course content is based on Deltek's vast experience in diverse government contracting environments. The program is taught in an academic setting and seating is limited to 30 students per course.

Register for all five courses and save!

PDF BROCHURE

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Experienced professionals who are new or nearly new to government contracting or professionals in need of a refresher.

"I would recommend that anyone new to accounting for a government contractor no matter how experienced in general or cost accounting, take this course as early as possible in their engagement." -Summer 2009 student

“Covered very thoroughly accounting and auditing from both government and contractor perspectives.” –Summer 2009 student

“Fantastic course, very valuable and value added, one of a kind.” –Spring 2009 student

“The course verified our processes were consistent with standards and prompted actions to be taken to assure required compliance.” –Spring 2009 student

“Exceeded expectation, instructors were great. They have valuable experience. –Spring 2009 student

“Great coverage of material and real life experience.” –Spring 2009 student

“This class was great! Covered material that it said would be covered.” –Spring 2009 student

"This course truly provided some strategic perspective on the mechanics of CAS/FAR." -Fall 2008 student

"[This course] Will help me perform my job better – gained a better understanding of the accounting and auditing procedures/policies." -Fall 2008 student

"Even though I knew a lot in this field, I still learned additional points and conditions not evident in the workplace." -Fall 2008 student

"I would recommend this course to anyone beginning work in the federal environment as a contractor." -Fall 2008 student

"This course was very informative and will allow me to use the skills gained. The day to day examples were very useful." -Spring 2008 student

"It definitely met my expectations. I wish I would have taken this a long time ago. Now, it all makes sense." -Spring 2008 student

"It was a great course in getting an overall understanding of audits and accounting for government contracts." -Spring 2008 student

"Very good overview for contract managers to understand complexity of accounting requirements." -Spring 2008 student

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