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In this episode of Cherry Bekaert’s Government Contracting podcast, we discuss the do’s, don’ts and pitfalls of outsourced accounting. Host Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Jonathan Reid, a Director in Outsourced Accounting Services.
Tune in to learn more about:
How outsourced accounting helps government contractors Differences between bookkeeping and outsourced accounting Situations in which government contractors need accounting help How to make a smooth transition into outsourcing accounting needsTips for forming a positive relationship with an outsourcing firmPitfalls a company should avoid before getting into an outsourcing relationshipQuestions you should ask during the interview processCherry Bekaert’s team of government contracting professionals have significant experience in outsourced accounting. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.
Related Guidance
Podcast: How to Get the Most Out of Your Outsourcing FirmArticle: Outsourced Accounting Frequently Asked Questions (FAQs)View all Government Contracting Podcasts
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In this episode of Cherry Bekaert’s Government Contracting podcast, we discuss how to choose the right Enterprise Resource Planning (ERP) system that fits your company’s unique needs. Host Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Christine DeYuliis, a Senior Manager.
Tune in to learn more about steps your business can take to find the right ERP, including:
Conducting an initial discussion with stakeholdersDefining and documenting current business processes, strengths and pain pointsDetermining required features and functions Identifying needed software integrations Integrating accounting and reporting considerations Considering compliance requirementsCherry Bekaert’s team of government contracting professionals have significant experience in ERP solutions. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.
View all Government Contracting Podcasts
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In this episode of Cherry Bekaert’s Government Contracting podcast, we discuss ways to optimize the benefits of outsourcing your accounting operations. Host Craig Hunter, a Director in the Government Contracting Industry practice, is joined by Mike Cippel, Managing Director, and Directors Irwin Kaplin and Jonathan Reid.
Deciding if outsourced accounting is your best option Uncovering the benefits of using an outsourcing firmOptimizing the working relationship with an outsourcing firm
Tune in to learn more about:
Cherry Bekaert’s team of government contracting consultants have significant experience in outsourced accounting solutions. As more guidance comes forth, we are here to provide regular updates, thought leadership, current and future state consulting, change management advisory and ready to stand up services. If you have any questions specific to your situation, our government contracting and tax consultants are here to discuss solutions tailored for you.
Contact us.View all Government Contracting Podcasts
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In the fourth episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran, a Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s Government Contracting practice. Bringing extensive knowledge and experience in the government contracting space, Brendan and Jeff discuss cost impacts, as well as the differences between General Dollar Magnitude (GDM) and Detailed Cost Impacts (DCI).
Brendan was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA) and Jeff has spent over 13 years with the Defense Contract Audit Agency (DCAA), while also holding positions such as quality manager, supervisory auditor and field audit office manager.
Tune in to find out more about:What cost impacts are When cost impact proposals are necessaryDifferent types of cost impact proposalsA detailed overview of GDM and DCICost Impact Materiality How to position the cost impactCherry Bekaert’s team of government contracting consultants have significant CAS experience and can help your growing government contracting business navigate CAS. If you have any questions specific to your situation, our consultants are available to discuss your situation with you. Contact us today.
If you haven’t already, catch up on other parts of the series :
Cost Accounting Systems Series: Part 1 – A Comprehensive OverviewCost Accounting Systems Series: Part 2 – Considerations for Growing a GovConCost Accounting Systems Series: Part 3 – Implications When Acquiring Companies
Webinar Recording: Cost Accounting Standards (CAS): Part 1 – CAS Coverage Types, Common Standards, and CAS ApplicabilityWebinar Recording: Cost Accounting Standards (CAS): Part 2 – Cost Accounting Changes and Impact
Related GuidanceView all Government Contracting Podcasts
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In the second episode of Cherry Bekaert’s Operational Effectiveness podcast series, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Todd Angioli, a Director in the Firm’s Government Contracting practice with 20+ years of financial operations experience.
Together, Eric and Todd discuss mid-year considerations when budgeting and forecasting.
Listen to this episode to find out more about:
What government contractors should consider at the mid-year point when forecasting for the remainder of the calendar yearHigh-level considerations when reforecasting the operating plan:RevenueDirect LaborFringeOverheadGeneral and Administrative Expenses (G&A)Bottom Line Key forecasting and planning areas:Recompete andNew BusinessCurrent ExecutionImprovement InitiativesNeed Assessment for Mid-Year Burden RecalculationThe Need to Move InvestmentsOther Course CorrectionsWhat growing government contractors should be doing at the mid-year pointCherry Bekaert’s team of government contracting consultants have significant operations and contracting experience to help you navigate any operational considerations. If you have any questions specific to your situation, our government contracting consultants are available to discuss your situation with you.
If you haven’t already, catch up on part one of the budgeting considerations series:
Effective Operational & Financial Performance: Budget Considerations During Year-End
View all Government Contracting Podcasts
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In this episode of Cherry Bekaert’s GovCon Podcast host Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Vivian Kohrs, Director, Strategic Tax, and Bryan Weems, Senior Manager, Tax Credits and Incentives. Together they give an overview of research and development (R&D) credits for government contractors.
Listen to learn about:
What R&D credits areWho is able to take advantage of these creditsContract R&D CreditsRights and risksHow subcontractors could potentially qualify R&D credits by state: Virginia GeorgiaTexasMarylandFloridaSection 174 impact to tax liability and cashflowRecommendations on how to collect R&D Credits and prepare for the potential impact of Section 174 capitalizationCherry Bekaert’s team of government contracting and tax credit and incentives consultants have significant experience in R&D credits and Section 174 analysis. If you have any questions specific to your situation, our government contracting and tax consultants are available to discuss your situation with you. Contact us.
View all Government Contracting Podcasts
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In this episode of Cherry Bekaert’s GovCon Podcast, Brynn McNeil and Craig Hunter both Assurance Partners in Cherry Bekaert’s Government Contracting Industry practice, discuss revenue recognition for government contractors. Listen to learn more about:
The five steps for recognizing revenue under Accounting Standards Codification (ASC) 606Understanding how costs drive revenue Common errors in recording revenue Best practices for government contractors regarding processes and controls for recording revenueCherry Bekaert’s team of government contracting consultants have significant experience in navigating the SBA 8(a) business development program and can assist your business with the best accounting practices. If you have any questions specific to your situation, our government contracting consultants are available to discuss your situation with you. Contact us.
View all Government Contracting Podcasts
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In the third episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran, a Director with Cherry Bekaert Advisory, is joined by Jeffery Annessa, a Senior Manager in Cherry Bekaert’s Government Contractor Industry practice, to discuss CAS implications during mergers and acquisitions.
Scenarios and implications to CAS when:A CAS-covered company acquires a company that is non-CAS coveredA non-CAS covered company acquires a company with CAS coverageThe two most common approaches on how to treat the company you are acquiring, specifically:A legal entity dissolved and integrated fullyA legal entity being maintained as a wholly owned subsidiaryUnderstanding CAS structure as it relates to the companySteps to consider when merging with or acquiring a companyCommon areas that do not constitute a cost accounting practice changeImpacts and considerations when the acquired company is CAS coveredAreas a CAS-covered company should focus their attention on when acquiring, including:Transitional accounting periodIndirect rate structureSimilarity of laborAllocationsRestructuring costPitfalls to avoidAreas a non-CAS covered company should focus their attention on when acquiring, such as:Analysis of the CAS-covered contracts to understand period of performance, numbers and money magnitudeAdditional exposureCompliance requirements
Cherry Bekaert’s government contracting consulting team has years of CAS experience and can help you navigate CAS compliance issues or disclosure statement development.
This episode highlights key topics to help guide your business forward, including:If you haven’t already, catch up on part one and two of the series:
Cost Accounting Systems Series: Part 1 – An OverviewCost Accounting Systems Series: Part 2 – Growing a GovConRelated Guidance
Webinar Recording: Cost Accounting Standards (CAS): Part 1 – CAS Coverage Types, Common Standards, and CAS ApplicabilityWebinar Recording: Cost Accounting Standards (CAS): Part 2 – Cost Accounting Changes and ImpactView all Government Contracting Podcasts
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On December 26, 2023, the proposed rule for the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) Program was published in the Federal Register.
Listen to Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contractor Industry practice and Brian Kirk, Senior Manager in the Firm’s Information Assurance & Cybersecurity practice, as they share insights into the proposed rule, including the surprises that came out and DoD’s timing for implementation.
Refresher on CMMC Level 1 Self-Assessment, CMMC Level 2 Self-Assessment + CMMC Third-Party Assessment Organization (C3PAO) Assessment, and CMMC Level 3 Government-Led AssessmentEquivalency: Cloud Service Provider (CSP) and External Service Provider (ESP)Phased Implementation (DoD rollout in solicitations)Final Certification vs. Conditional CertificationCMMC Level 3 requires a CMMC Level 2 Final CertificationDefense Industrial Base Cybersecurity Assessment Center (DIBCAC) High conversion to CMMC Level 2 Final Certification for perfect scoresCost ConsiderationsHow do I prepare for CMMC certification?
If you have any questions regarding CMMC, Cherry Bekaert’s Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you.
Cherry Bekaert is an authorized CMMC Third-Party Assessment Organization (C3PAO) by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB). We assist Organization’s Seeking Certification (OSCs) with CMMC readiness assessments for Levels 1, 2 and 3. Additionally, as an authorized C3PAO, Cherry Bekaert partners with the Defense Contractor Management Agency (DCMA) Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) under their Joint Surveillance audit program to perform DIBCAC High (NIST 800-171) Assessments which are convertible to CMMC Level 2 Certification, if a perfect score is obtained.
View all Government Contracting Podcasts
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In this episode of Cherry Bekaert’s GovCon Podcast series on the Small Business Administration’s (SBA) 8(a) Business Development Program, Brynn McNeil and Craig Hunter, assurance partners in Cherry Bekaert’s Government Contracting Industry practice, discuss accounting best practices for 8(a) companies. Listen to find out about:
Setting up an accounting system to segregate costsChart of AccountsIndirect ratesReporting functionality for:Contract revenue summary by contractShowing cumulative revenueAnnual revenueDirect costsImportance of month end reconciliations of balance sheet account Recent accounting pronouncements that impact accounting ASC 505ASC 842What to consider when selecting an accounting system Accounting department general housekeeping best practicesCherry Bekaert’s team of government contracting consultants have extensive experience in navigating the SBA 8(a) Business Development Program and can assist your business with accounting best practices. If you have any questions specific to your situation, our GovCon consultants are available to discuss your situation with you. Contact us.
If you haven’t already, catch up on other episodes in our podcast series discussing various aspects of the Small Business Administration’s (SBA) 8(a) Business Development Program:
The SBA 8(a) Business Development Program – What Is It and What Are the Requirements?The SBA 8(a) Business Development Program Application Process and RequirementsWhat Are the Compliance Requirements for 8(a) Certified Companies?Winning an SBA 8(a) Sole Source Award Contract – What’s Involved and What to KnowWinning an 8(a) Competitive ContractSmall Business Administration (SBA) Mentor-Protégé ProgramSBA Mentor-Protégé & Joint Venture Arrangements – Important Elements of the AgreementThe lifecycle of an 8(a) CompanyOIG Report: SBA’s Business Development Assistance to 8(a) Program ParticipantsContract Performance After the SBA 8(a) Business Development ProgramView all Government Contracting Podcasts
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In the first episode of a new series on effective operational and financial performance for government contractors, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Todd Angioli, a Director in the Firm’s GovCon practice with 20+ years of financial operations experience, to discuss considerations when budgeting for year end. Listen to this episode to find out more about:
What government contractors should consider during year end and while budgeting for the next calendar yearHigh-level considerations when reviewing the operating plan:RevenueDirect LaborFringeOverheadGeneral and Administrative Expenses (G&A)Bottom Line Key budget planning areas:Recompete/New BusinessResourcesWhat growing government contractors should be doing at year endCherry Bekaert’s team of government contracting consultants have significant operations and finance experience. If you have any questions specific to your situation, our GovCon consultants are available to discuss your situation with you. Contact us.
View all Government Contracting Podcasts
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In the second episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s GovCon practice who spent 13+ years with DCAA and held various positions such as Quality Manager, Supervisory Auditor, Field Audit Office Manager, and Artan Ivezaj, a manager in Cherry Bekaert’s GovCon practice with 15 years of experience at the DCAA, to discuss CAS considerations for a growing GovCon. Listen to this the episode to find out more about:
When a company should start thinking about CASThe difference between full and modified CAS coverageExplanation of the fundamental requirements of CAS 401 and 402CAS 401: Consistency in Estimating, Accumulating, and Reporting CostsCAS 402: Consistency in Allocating Costs Incurred for the Same PurposeThe commonality of Federal Acquisition Regulation (FAR) Cost Principles, Approved Accounting System, and CASBeing aware of CAS 405 and 406CAS 405: Approved accounting system requires the system to ensure unallowable costs are reviewed and removed from government billingsCAS 406: Cost Accounting PeriodImportant notes about CAS Coverage and the applicability towards subcontractsDisclosure Agreement as it pertains to CASCherry Bekaert’s team of government contracting consultants have significant CAS experience and can help your growing government contracting business navigate CAS. If you have any questions specific to your situation, our GovCon consultants are available to discuss your situation with you. Contact us.
If you haven’t already, catch up on Part 1 of the series:
Cost Accounting Systems Series: Part 1 – An OverviewRelated Guidance
Webinar Recording: Cost Accounting Standards (CAS): Part 1 – CAS Coverage Types, Common Standards, and CAS ApplicabilityWebinar Recording: Cost Accounting Standards (CAS): Part 2 – Cost Accounting Changes and ImpactView all Government Contracting Podcasts
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Cost Accounting Standards (CAS) are 19 standards and rules promulgated by 41 U.S.C. 422. These standards impact emerging small and large businesses alike. They are designed to achieve uniformity and consistency in cost accounting practices and to improve the accuracy of cost data by ensuring its basis on consistent definitions and principles.
Ultimately, the Federal government wants a reliable basis for cost comparison and decision making. This allows them to be able to compare proposals from contractor to contractor and from a single contractor year-over-year.
An overview of CASThe differences between the Federal Acquisition Regulation (FAR) and CASWhat the standards consist of, including the four main categories When CAS comes into consideration as it pertains to government contractingWhen CAS would apply to a contract and if there are certain dollar thresholdsThe current exemptions, differences in full and modified CAS coverage and applicationOverview of the disclosure statement requirementWhy contractors should consider completing a disclosure statement prior to being CAS- covered Who is responsible in administering CAS and making the required determinations and findings The benefits of abiding by CASPitfalls and compliance considerations for changes in accounting practices, M&A activity and budgeting/forecasting
In this new Cherry Bekaert GovCon Podcast CAS series, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s GovCon practice who spent 13+ years with DCAA holding positions such as Quality Manager, Supervisory Auditor and Field Audit Office Manager, to give an overview of CAS. Listen to find out:Cherry Bekaert’s Government Contractor Industry practice has significant CAS experience and can help you navigate CAS compliance issues or disclosure statement development. Contact us to discuss your situation.
Don’t forget to keep an eye out for the remainder of our GovCon podcast CAS series, where our hosts will go into more detail on the specifics of the individual CAS standards, general requirements, cost accounting changes and the disclosure statement.View all Government Contracting Podcasts
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In this episode of Cherry Bekaert's Government Contracting podcast, Brendan Halloran, a Director in Cherry Bekaert’s Government Contracting Industry practice ,and Jeff Annessa, a Senior Manager in the Firm’s GovCon practice continue our Contractor Business Systems series, discussing system reviews, audit findings, corrective actions, and ACO determinations.
Indicators of potential findings or noncompliances during a DCAA system audit and steps contractors can takeThe DCMA system review processThe ACO process in determining the level of deficienciesWays to get a DCAA finding viewed as non-significant and differences between DCAA and DCMA Business System Deficiency terminologyTools used by the ACO and how they work through the processThe corrective action processCherry Bekaert's Government Contracting Industry advisors excel in navigating business systems requirements and intricate control environments, offering guidance in the development, maintenance, assessment, and audit preparation of compliant systems for contractors facing reviews by DCAA, DCMA, or related agencies.
View all Government Contracting Podcasts
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The Federal Acquisition Regulation (FAR) doesn’t provide many details on the specifics related to an adequate timekeeping system. However, the Defense Contract Audit Agency (DCAA) does have some specific requirements they look for when performing accounting system audits and labor floor checks.
In this episode of Cherry Bekaert’s GovCon Podcast, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s GovCon practice who spent 13+ years with DCAA and held various leadership positions such as Quality Manager, Supervisory Auditor and Field Audit Office Manager, and Jacquelin LaClair, a Manager in the Firm’s GovCon practice who spent 10 years working with DCAA and the Defense Contract Management Agency (DCMA). They discuss one of their favorite topics: timekeeping and the government’s expectations. Listen to find out:
Why contractors should have written timekeeping policies and procedures in place and should consider including all types of work arrangements available by your organization (in-office, remote or hybrid)Key elements for an adequate timekeeping systemEnsuring segregation of responsibilities for labor-related activitiesTotal Hours Worked approach and why the government caresPolicies and procedures that address how direct and indirect time is recordedHow to handle paper vs. electronic timesheets The employee and the supervisor roles in certifying the accuracy of timesheets on a daily, weekly, bi-weekly or monthly basis Record retention requirements for timesheetsAt the end of the day, would a government auditor be able to review your current timekeeping policies and procedures and compare them to what is currently happening at your organization and find no discrepancies? If you have any questions specific to your situation, we are available to discuss your situation with you. Contact us.
View all Government Contracting Podcasts
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The Defense Contract Audit Agency (DCAA) recently released its Fiscal Year 2022 Report to Congress. By law, the DCAA is required to submit an annual report detailing the DCAA’s activities for the previous year.
Number of audits conducted by the DCAA, noted questioned costs and which audits were performed more frequentlyOverall return on investment (ROI) for each audit type and what this means for government contractorsInvestigative casesSustention rates by audit, how those rates are important to the DCAA and how this impacts contractorsTiming to complete an audit, by audit typeNumber of incurred cost audits performed by Independent Public Accounting FirmsHow the DCAA assists with Other Transaction Authorities (OTAs), the overall impact to the DCAA and current trendsDifference between an incurred cost audit and a low-risk memo, when one is issued over the other and how many audit reports and memos were issued by the DCAA in FY22Post-pandemic changes occurring within the DCAAEstablishment of Operations Business Enterprise and Data Intelligence Division (OBD) and what is currently being worked on with the DCAADCAA’s External Peer Review
In this episode of Cherry Bekaert’s GovCon Podcast, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s GovCon practice who spent 13+ years with the DCAA and held various positions such as Quality Manager, Supervisory Auditor, Field Audit Office Manager and Senior Financial Liaison Advisor, and Jacquelin LaClair, a Manager in the Firm’s GovCon practice who spent 10 years working with the DCAA and the Defense Contract Management Agency (DCMA), discuss key takeaways from the DCAA’s report as an update to Cherry Bekaert’s DCAA Update webinar in February 2023.
Listen in to find out about:Whether you are a small business expecting your first audit, or a large contractor preparing for one of your many different audits, Cherry Bekaert’s GovCon consultants work with clients to prep for audits, resolve DCAA findings and have extensive hands-on experience in this subject. If you have any questions specific to your situation, we are available to discuss your situation with you. Contact us
View all Government Contracting Podcasts
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In this episode, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contractor Industry practice is joined by Matt Schiavone, Managing Director, and Brian Kirk, Senior Manager in the Firm’s Information Assurance & Cybersecurity practice to discuss the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 program milestone and what contractors should be doing now to prepare.
Recent updates to the final CMMC rule, including next steps and an updated expectation on when it will go finalProjected timeline implications for contractors and action steps to prepareRecommendations for ensuring preparedness for timely achieving a certification
Listen in as they share insights into the:
Podcast: How Will NIST Special Publication (SP) 800-171, Revision 3 Impact CMMC?Article: Updated Projected Timeline for CMMC: What this Means for Contractors and How to Prepare for CertificationFinal CMMC Rule: March 2023 UpdatePodcast: CMMC 2.0 – Where Does It Stand?Podcast: What’s New with CMMC 2.0?: August 2022 UpdatePodcast: CMMC 2.0 Brings Major Program ChangesOn-Demand Webinar: CMMC 2.0 Brings Major Program Changes
If you have any questions regarding CMMC, Cherry Bekaert’s Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you. Cherry Bekaert is authorized by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB) as a CMMC Third-Party Assessment Organization (C3PAO). As an authorized C3PAO, Cherry Bekaert assists DoD contractors seeking a CMMC assessment with CMMC readiness and Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCAC.
Having undergone Level 2 assessment as a Firm, Cherry Bekaert has a deep understanding of the assessment process to guide DoD contractors seeking a CMMC assessment.
Catch up on Cherry’s Bekaert’s previous guidance pertaining to CMMC 2.0:View all Government Contracting Podcasts
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In this eighth episode of Cherry Bekaert’s podcast series on Contractor Business Systems, Brendan Halloran, a Senior Manager in Cherry Bekaert’s Government Contracting Industry practice who was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), is joined by Roy Rushing, a Manager in the Firm’s GovCon practice and a former Contracting Officer with various federal agencies, to talk about navigating Contractor Business Systems audits and reviews.
The two primary types of system audits/reviews: Defense Contract Audit Agency (DCAA) audits Defense Contract Management Agency (DCMA) reviewsSteps to take early on once you have received notification of a planned audit/reviewConsiderations leading up to the audit/reviewTypical timing/schedulingPointers to navigate the process once the audit/review has startedBenefits of an approved system
Listen in to find out about:If you have any questions specific to your situation, Cherry Bekaert’s GovCon Consultants are available to discuss your situation with you. Contact us
Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 2 – Accounting SystemContractor Business Systems Series: Part 3 – Cost Estimating System RequirementsContractor Business Systems Series: Part 4 – Purchasing SystemContractor Business Systems Series: Part 5 – Earned Value Management SystemContractor Business Systems Series: Part 6 – Property Management SystemContractor Business Systems Series: Part 7 – Material Management and Accounting System
If you haven’t already, catch up on other parts of the series:
Cherry Bekaert’s Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts
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In this episode, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contractor Industry practice, is joined by Brian Kirk, Senior Manager in the Firm’s Information Assurance & Cybersecurity practice, to discuss the impact of the Draft NIST Special Publication (SP) 800-171 Revision 3 on the Department of Defense’s (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 program. The Revision 3 draft was released on May 10, 2023, and is out for public comment through July 14, 2023.
Listen in as they share insights into:
Why the update to NIST SP 800-171 is significant to CMMCTimeline for the final version of NIST SP 800-171 Revision 3 and subsequent revisions to the CMMC Assessment Guide, which is based on NIST 800-171 Revision 2Revisions to the set of supporting NIST publications on protecting controlled unclassified information, including SPs 800-171A (security requirement assessment), SP 800-172 (enhanced security requirements) and SP 800-172A (enhanced security requirement assessment)A summary of the significant changes between NIST SP 800-171, Revision 2 and Draft NIST SP 800-171, Revision 3Recommendations to DoD contractors seeking a CMMC assessment with CMMC readiness and Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCACIf you have any questions regarding CMMC, Cherry Bekaert’s Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you. Cherry Bekaert is authorized by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB) as a CMMC Third-Party Assessment Organization (C3PAO). As an authorized C3PAO, Cherry Bekaert assists DoD contractors seeking a CMMC assessment with CMMC readiness and DIBCAC Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCAC.
Having undergone Level 2 assessment as a Firm, Cherry Bekaert has a deep understanding of the assessment process to guide DoD contractors seeking a CMMC assessment.Catch up on Cherry’s Bekaert’s previous guidance pertaining to CMMC 2.0:
Article: Updated Projected Timeline for CMMC: What this Means for Contractors and How to Prepare for CertificationPodcast: Final CMMC Rule: March 2023 UpdatePodcast: CMMC 2.0 – Where Does It Stand?Podcast: What’s New with CMMC 2.0?: August 2022 UpdatePodcast: CMMC 2.0 Brings Major Program ChangesOn-Demand Webinar: CMMC 2.0 Brings Major Program ChangesView all Government Contracting Podcasts
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A government contractor Material Management and Accounting System (MMAS), as outlined in Defense Federal Acquisition Regulation Supplement (DFARS) 252.242-7004, is a system for planning, controlling and accounting for the acquisition, use, issuance and disposition of material. It is under the cognizance of the Defense Contract Audit Agency (DCAA) and geared towards a contractors’ manufacturing planning and production.
In this seventh episode of Cherry Bekaert’s podcast series on each of the Contractor Business Systems, Brendan Halloran, a Senior Manager in Cherry Bekaert’s Government Contracting Industry practice who was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), is joined by John Bula, a Manager, and Chris Morris, a Senior Associate, in the Firm’s GovCon practice to discuss the requirements for a contractor MMAS, when contractors are obligated to maintain a MMAS and what to expect from DCAA during an audit.
What is a Material Management and Accounting System?When are contractors obligated to maintain an adequate and acceptable MMAS? What are common elements of MMAS?When is a MMAS review or audit needed and what is expected from the DCAA?How should a contractor prepare for a review or audit by DCAA?What are operational benefits of a MMAS?What are typical issues encountered with internal monitoring, or a government audit or review?
Listen in to find out about:If you have any questions specific to your situation, Cherry Bekaert’s GovCon Consultants are available to discuss your situation with you. Contact us
If you haven’t already, catch up on other parts of the series:
Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 2 – Accounting System
Contractor Business Systems Series: Part 3 – Cost Estimating System Requirements
Contractor Business Systems Series: Part 4 – Purchasing System
Contractor Business Systems Series: Part 5 – Earned Value Management System
Contractor Business Systems Series: Part 6 – Property Management System
Cherry Bekaert’s Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts
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