Cost Accounting Standards (CAS), promulgated by Part 30 of the Federal Acquisition Regulation (https://www.acquisition.gov/far/part-30#FAR_30_101), maintains specific requirements for a US Government Contractor when they apply to a US Federal Government Contract. A CAS Covered Contract is one that meets specific qualifications that trigger CAS Coverage. The qualifications, exceptions, and other conditions that determine CAS Applicability, […]
Outsourced Internal Audit
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RKI offers outsourced internal audit services to those firms that desire supplemental coverage for their U.S. Government compliance risks or for firms who don’t have dedicated internal audit departments. RKI has worked with contractors as supplemental resources to augment their internal audit department and as a total outsourced department for monitoring U.S. Government contract compliance risks. Internal audit departments are often well staffed for financial reporting risks, however U.S. Government compliance risks may not be sufficiently mitigated. RKI offers a solution to these circumstances.
Internal audit reports are always requested by DCAA during their audits. While you may not be required to share all internal audit reports with DCAA, those with a nexus to their audit interests are very likely to be required requests. For this reason, it’s critical that all internal audit reports properly consider the potential impact to U.S. Government audit interests. Having a deep understanding of the connectivity between internal audit reports and your U.S. Government contracting portfolio is critical to preparing for DCAA audits.
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