GovCon Wednesdays Estimated Read Time: 5 minutes A DCAA audit is rarely “surprising” once you know the triggers but the scramble usually happens because contractors don’t have a repeatable readiness package. The fastest way to reduce disruption is to prepare a checklist you can revisit monthly (not the week you get the email). This pre-audit readiness checklist is designed for government contractors who want to be audit-ready for common DCAA… Read More
Indirect Rates
What Triggers a DCAA Audit? The 8 Most Common Triggers GovCons Should Watch For
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
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 #5: What’s Included in an ICS? Breakdown of Required Schedules
GovCon Wednesdays Estimated Read Time: 5 minutes The Incurred Cost Submission (ICS) is more than a single document, it is a structured package of schedules designed to reconcile your fiscal year’s direct and indirect costs and certify that all claimed costs comply with FAR 52.216-7. These schedules help the government determine whether your billed costs were reasonable, allowable, and allocable, and they support final indirect rate determinations and contract closeouts. This installment… 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
Are Your Numbers Telling the Truth? Cash vs. Accrual Explained—Fast.
Prepared by VSINGH CPA LLC As we close out the year, now is the perfect time to make sure your accounting method is giving you the clarity, accuracy, and compliance support your GovCon business needs. The method you use—Cash Basis or Accrual—directly affects your indirect rates, invoicing, forecasting, and audit readiness. This guide breaks down the differences in a simple, GovCon-specific way so you can enter 2026 with confidence. Accrual… Read More