National Institute of Technology

Accounting Compliance for Government Contractors

ACCOUNTING & FINANCIAL MANAGEMENT PROGRAMS

ACCOUNTING COMPLIANCE FOR GOVERNMENT CONTRACTORS


Duration3 Days
  
Course Style & AssessmentsHighly Participative with 70% practical application and 30% theory coverage and Participants’ Practical tasks assessed through Presentations
  
  BenefitsPractical skills and knowledge, stimulating, meals and refreshments, presentations, materials, certificate of attendance and Free two-months support service.

SPECIAL SERVICES FOR OUR INTERNATIONAL DELEGATES

In addition to the above listed benefits, the NIT Corporate Training and Events Management team will provide the following to our international delegates:

  • Facilitation for entry Visas where required
  • Transport from and to the International Airport on arrival and when going back
  • Accommodation reservations
  • Transport for shopping where needed
  • Transport, accommodation and meals to tour one of our Namibia’s beautiful Destinations (Coastal Towns -Swakopmund and Walvis Bay OR Etosha National Park
  • A Notepad/Tablet.

ACCOUNTING COMPLIANCE FOR GOVERNMENT CONTRACTORS


Introduction

A two-day program covering accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the Government. This course is designed to explain the fundamentals of Government procurement regulatory requirements that affect a Government contractor’s accounting system, with an emphasis on cost accounting by contract. The instruction outlines the components of an acceptable contract cost accounting system in consonance with critical regulations governing those requirements.

The instruction also discusses methods for adapting those regulatory requirements into a well-functioning compliant cost accounting system. The course begins with a basic understanding of the Government’s procurement approach, types of contracts, key procurement players, and other information necessary to understand the importance of a cost accounting system. More detailed discussion follows covering requirements for identifying direct costs, pooling and allocating indirect costs, capturing unallowable costs, documenting all processes, and project ledger requirements. One of the unique features of the course is the use of a practical case study which reinforces the application of compliant cost accounting system practices through a hypothetical Government contractor scenario.

All the National Institute of Technology (NIT) training programmes have been developed by the industry experts to suit the needs of the industry and are aligned with the fundamental National Developmental Plans Goals of Namibia and those of all other SADC member countries thus effectively contributing towards the national and SADC regional economical, industrial and prosperity developments. Our course programs and delivery styles are very stimulating with practical based contents. They provide modern hands-on relevant skills and knowledge that empower all participants at all levels of every organization to practically apply the gained skills and knowledge in their respective duties without difficulties hence being productive, respected and valued by every employer and colleagues. Participants are assessed through group and/or individual tasks which involve presentations.

NIT provides 2 months Free Support service to all the participants to support them in implementing or using the skills and knowledge gained from any of our course programs.

ACCOUNTING COMPLIANCE FOR GOVERNMENT CONTRACTORS


Objectives

A two-day program covering accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the central and local Government. This course is designed to explain the fundamentals of Government procurement regulatory requirements that affect a Government contractor’s accounting system, with an emphasis on cost accounting by contract. The instruction outlines the components of an acceptable contract cost accounting system in consonance with critical regulations governing those requirements. The instruction also discusses methods for adapting those regulatory requirements into a well-functioning compliant cost accounting system.

ACCOUNTING COMPLIANCE FOR GOVERNMENT CONTRACTORS


Who Should Attend

Compliance Officers, CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, Compliance and Consulting. This course will benefit contractors who may be new in adopting or developing their accounting systems for government contracting and also for experienced contractors who want to modify and update their existing systems and practices.

ACCOUNTING COMPLIANCE FOR GOVERNMENT CONTRACTORS


1.0 Introduction to the Regulatory Environment

  1. Overview of the Government Marketplace
  • Acquisition Cycle
  • The Regulatory Environment
  • Bid Proposals and Contract Award
  • Contract Performance and Closeout
  • Foundation Expectations of Government in Accounting Systems
  1. Main Players in Acquisition Process
  • Procurement Officers
  • Administrative Contracting Officer
  • Tendering Committees
  • Anti-Corruption
  • Auditor General
  • Others
  1. Key Regulations Affecting Cost Accounting Systems
  • Contractor Qualifications
  • Contracting by Negotiations
  • Contract Types
  • Cost Principles
  • Contract Financing
  • Cost Accounting Standards

2.0 Establishing an Adequate Cost Accounting System

  1. Foundation Requirements
  • General Ledger Controls & Requirements
  • Financial Tracking and Profitability Evaluation
  • Subsidiary Systems Expectations
  • Chart of Accounts
  • Reconciliation Processes
  1. Basic Job Cost Accounting Expectations
  • Cost Segregation by Contract
  • Project Cost Ledger System
  • Tracking Unallowable Costs
  • Transaction Traceability to Subsidiary Ledgers
  1. Specific Cost Accounting Provisions
  • Direct vs. Indirect Costs
  1. Understanding Direct Costs & Allocation Techniques
  2. Indirect Costs
  • Pooling Logical Cost
  • Groupings
  1. Allocation Bases (select appropriate elements)
  • Overhead vs. G&A
  • Intermediate Cost or Service Centers
  • Consistency in Allocating Costs
  • Accounting for Unallowable Costs
  • Documentation Expectations
  • Timekeeping and Labor Charging
  • Billing System
  • Relationship to Accounting System
  • Billing Indirect Costs
  • Monitoring Invoiced Amounts to Contract Ceilings
  • Allowable Cost and Payment Contract Clause

3. Expanded Discussion of Selected Provisions

Select or include appropriate cost elements

  • Public Relations/Advertising
  • Bad Debts
  • Compensation
  • Contributions
  • Cost of Money
  • Employee Morale, Health & Welfare
  • Entertainment
  • Fines & Penalties
  • Interest
  • Lobbying
  • Organization
  • Professional & Consultant Costs
  • Relocation
  • Rental
  • Selling & Marketing
  • Trade, Business Technical & Professional
  • Employee Travel

4. Overview of Government Contract Audits Linked to Cost Accounting Systems

  • Bid Proposals
  • Accounting System Audits
  • Provisional Indirect Billing Rates
  • Incurred Cost Proposals
  • Estimating Systems
  • Timekeeping & Labor Charging
  • Billing Systems
  • Financial Capability
  • Purchasing System
  • Defective Pricing

5.Case Study on any Contractor

  1. Designing Compliant Chart of Accounts
  2. Segregation & Tracking of Unallowable Costs
  3. Direct vs. Indirect Cost Identification
  4. Identifying Direct Costs
  5. Charging Indirect Costs to Appropriate Cost Center
  6. Indirect Cost Centers
  7. Overhead
  8. General & Administrative
  9. Intermediate/Service Centers
  10. Assigning Appropriate Allocation Bases
  11. Calculating and Tracking Actual Indirect Rates
  12. Job Cost Reports
  13. Grouping Direct Costs by Job/Contract
  14. Using Provisional Indirect Rates
  1. Billing System Considerations
  2. Billing from Job Cost Summaries
  3. Adjusting Provisional to Actual Indirect Rates
  1. Charging & Tracking Costs for Four Typical Types of Contracts

METHODOLOGIES

  • Pre and Post Assessment
  • Power point presentation
  • Highly interactive session
  • Case study
  • Group discussion
  • Group presentation

ACCOUNTING COMPLIANCE FOR GOVERNMENT CONTRACTORS


How to Register for this Training

To register, please complete the attached registration form and e-mail or fax it back with proof of payment to: The Conference Organizing Committee; contact Person: Mr. Frederick Chizu Simpungwe at:

  1. E-mail:info@nit-edu.org
  2. Fax No.: +264 886559294 & Cell: +264 81 3294977

We also have Conference Sponsorship and Exhibition Opportunities. If your organization is interested to sponsor or exhibit at this important conference, please contact the office on info@nit-edu.org

Please find attached herewith a registration form with rates and the conference draft program. If you need any further information, please feel free to contact the undersigned.

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