GovCon Wednesdays Estimated Read Time: 5 minutes DCAA audits usually don’t happen “out of nowhere.” In most cases, an audit is triggered because the Government needs independent audit support to make a contract decision (award, rates, billing, or closeout), or because your contract type and clauses require specific compliance steps. This post breaks down the most common DCAA audit triggers and what government contractors can do to stay audit-ready without overbuilding processes. Why… Read More
Audit Readiness
ICS Essentials #8: How to Prepare a Compliant ICS (Documentation & Best Practices)
GovCon Wednesdays Estimated Read Time: 5 minutes Preparing a compliant Incurred Cost Submission (ICS) requires more than filling out schedules, it requires accurate documentation, consistent accounting practices, and strong compliance with FAR cost principles. This final installment in the ICS Essentials Series explains the best practices contractors should follow to assemble an accurate and audit-ready ICS package. All recommendations are based on your ICS slide deck guidance. Core Concept: What… Read More
ICS Essentials #6: Who Reviews ICS? DCAA, Agency Auditors & GAO Oversight
GovCon Wednesdays Estimated Read Time: 5 minutes Once your Incurred Cost Submission (ICS) is submitted, it undergoes review by federal audit organizations responsible for ensuring taxpayer dollars are used appropriately. Depending on the agency you support, your ICS may be audited by DCAA, an Inspector General office, or another federal audit branch. This installment explains who reviews ICS packages and the standards they must follow. Core Concept: Who Reviews ICS?… Read More
ICS Essentials #3: Thresholds & Deadlines for ICS (Including Post–July 1, 2018 Award Rules)
GovCon Wednesdays Estimated Read Time: 5 minutes For contractors with flexibly priced contracts, timely submission of the annual Incurred Cost Submission (ICS) is required under FAR 52.216-7. Missing the deadline can slow down contract closeouts, trigger increased audit scrutiny, or even result in the government setting your indirect rates for you through a unilateral determination.This part of the ICS Essentials Series explains the key thresholds and deadlines that GovCons must… Read More
ICS Essentials #1: What Is an Incurred Cost Submission (ICS)?
GovCon Wednesdays Estimated Read Time: 5 minutes If your business has flexibly priced contracts, cost-reimbursable or certain T&M agreements, you are required to submit an Incurred Cost Submission (ICS) each year under FAR 52.216-7. An ICS ensures that every cost billed to the government is reasonable, allowable, and allocable, and that final contract costs reflect what your business actually incurred during the fiscal year. This first installment of the ICS… Read More
Tip # 7: Final Wrap-Up — Year-End Complete, What’s Next?
GovCon Wednesdays Estimated Read Time: 5 minutes Congratulations, you’ve made it through your GovCon year-end close! After weeks of reviewing invoices, reconciling accounts, validating entries, and preparing reports, it’s time to take a step back and look at the bigger picture: What’s next for 2026? This final tip in the GovCon Year-End Closing Series focuses on strengthening internal processes, refreshing compliance requirements, and setting a solid foundation for the new year. Reflect… Read More