It was a normal day at the gym. I was doing some bench presses, when an older gentleman, albeit in better shape than most in their twenties, approached me. “Would you mind if I share some advice with you?” He corrected my posture, lowered the amount of weights, and explained which muscles to use. I thanked him for not only his advice, but also the confidence I felt in how effective my future work outs would be. What a nice feeling!
Well, if you have been paying attention to the news lately, you might have heard that there is a push for more Accounting System reviews at DCAA. This does make a lot of sense. Rather than placing a lot of effort into more incurred cost audits, like I was focused on pushing more weights at the gym, it would be much more effective to ensure that your accounting system is doing the right things, like having a better posture.
So, what is DCAA looking for in an accounting system? Mainly, they are ensuring that your accounting system is designed to do;
· Job Costing
· Proper indirect cost allocations
· and, have proper controls.
I was lucky this morning to run into that gentleman. Turns out that he is a professional trainer and I benefited from his expertise. Just like I was at the gym, you are lucky as well. Turns out that I am not only a former DCAA Supervisory auditor, but also as a “Technical Specialist,” which is DCAA’s title for subject matter expert, with a specialty in Accounting Systems.
Apparently, anything can be done better, whether it is bench pressing or job costing. You just need the right expertise working on your side.
Would you mind if I share some advice with you?
If so, could you kindly give me a call or email?
With big smiles, have a wonderful day.
Dan Kim, CPA