Regardless of what type of business it may be, there will at some point be an audit to examine the condition of the company financial records. Companies who are bound by a government contract are subject to undergo a DCAA audit and the conditions are more favorable for passing when financial records are professionally managed and kept up to date from the very start. This requires a great amount of attention to detail by a professionally organized person or group. In addition, the overseer of the financial data should be familiar with the requirements of the audit and what the company needs to do in order to successfully complete their DCAA audit. Professionals in Bethesda are profoundly trained in proper record keeping and can help government contracted companies to meet the necessary requirements of the audit.
Understanding the Process
There is always a standard of protocol leading up to the DCAA audit and being familiar with the process is a major benefit. Professional record keepers can be brought in by the company to make certain that all of their books, data and records are in order but should be done as a standard and not simply a precaution. These audits are much easier to pass when there is clarity on what is required and what is presented. A detailed understanding of what is permitted and acceptable can help to prevent the company from being over extended during the process. A successful audit could mean great things for the company and its future as a government contractor.
Organization is Key
As a government contractor, businesses are already under tremendous amounts of scrutiny from the massive requests of the DCAA. Therefore, it is the responsibility of the contractor to be organized and have all policies properly outlined for their businesses. Access to records should be readily available and these records should be accurately documented. All staff and personnel included in the audit should be aware of their responsibilities and the importance they present regarding the outcome of the results. Unfortunately, contractors that aren’t fully organized and prepared for the DCAA audit could face a negative result on the report, which could result in their contract being withheld. The organizational process is the liaison between a successful audit and continued contract holdings allowed by the government. The audit process can only be as successful as the organization process.