FIND BY MONTH
FIND BY LOCATION
IN-HOUSE TRAINING
Bring any seminar or course directly to your staff through the Federal Publications’ In-House Presentations Program.
FEDERAL
PUBLICATIONS
SEMINARS
Get 20% Off Your Next Purchase
SIGN UP FOR OUR EMAILS
Learn the essentials of government contracting from top industry experts to
stay current, maintain compliance and reduce risks.
Email Address *
Privacy Policy

THANK YOU FOR SIGNING UP

You'll soon be receiving updates about special offers, events, books & more.
Continue to browse our site to:
 
In-House Course
No matter how large or small the team, all organizations can benefit from industry leading training tailored to their specific business needs. Learn more about Federal Publications Seminars' In-House offerings.

 

A special two day program for contract professionals on the overall implications of ICAPS and internal control audits.

 

What contractors must know about the Internal Control Audit Planning Summary (ICAPS) Audit Procedures.

 

• ICAPS Explained

• Auditor’s Assessment of Control Risk

• How to Perform Risk Assessments

• Adequacy of Internal Controls

• Best Practices for Adequate Systems

• ICAPS Impacts on Related Contract Audits

• Understanding DCAA Audit Guidance

• Contending with ICAPS Audits

 

This new two-day course explains how contractors can achieve, document, maintain, and manage internal business systems controls to comply with Government Contract requirements and sound business practices. The Defense Contract Audit Agency (DCAA) has established policies and procedures for auditor use that summarize the internal control objectives and activities that contractors should have in place. Systems that significantly impact costs must be audited periodically based on a documented risk assessment. This course examines these templates, includes best practice examples for adequate systems, and provides contractors with an internal controls self-assessment methodology—in addition to outlining how to meet their internal control requirements.

 

The learning objectives for this course include an explanation and understanding of:

 

• The nature and intent of ICAPS compliance requirements

• Interrelationships between the accounting and other related systems subject to ICAPS

• Indicators of risk/vulnerability and potential noncompliance in business systems subject to ICAPS

• Business system adequacy qualities and government oversight approaches

• Techniques for achieving and maintaining compliant internal business system

• Suggested steps to prepare for ICAPS audits

 

The course instructors will outline ICAPS audit approaches, procedures, and techniques that auditors use to conduct ICAPS reviews. Instructors will provide insight into the audit process allowing contractors to take proactive self-governance initiatives. Open to all contract professionals, this course will benefit those who conduct internal compliance audits and oversight reviews as well as contractors updating existing systems to fulfill regulatory compliance requirements.

1. ICAPS Basics Explained

a. ICAPS Information/Communications

b. Auditor’s Assessment of Control Risk

c. Impact on Related Audit Efforts

d. The ICAPS Form

e. Materiality/Sensitivity

f. Adequacy of Internal Controls

g. External/Internal Factors

h. Flash Reports

 

2. ICAPS Impact on the Scope of Other Audits

a. Contract Pricing

b. Defective Pricing

c. Incurred Material Costs

d. Incurred Labor Costs

e. Incurred Direct/Other Direct Costs

f. Contract Reporting

g. Billings

h. Closeouts

i. Financial Capability

j. Cost Accounting Standards

 

3. Audit of Internal Controls—Control Environment and

Overall Accounting System Controls

a. Audit Objectives

b. Scope of Audit

c. Integrity and Ethical Values

d. Board of Directors or Audit Committee

e. Organizational Structure

f. Assignment of Authority/Responsibility Impact on Control

Environment

g. Financial Capability

h. Accounting System (Control Environment)

i. Overall Accounting Controls

j. Internal Control Reporting

 

4. Audit of Information Technology General System Controls

a. Audit Objectives/Scope

b. IT Environments

c. Independent Management Reviews

d. Organization

e. Software Acquisition, Development and Modification

f. IT Computer Operations

g. Data Processing Security

h. Internal Control Reporting

 

5. Audit of Contractor Budget and Planning System Internal

Controls

a. Budgeting and Planning Concepts

b. Audit Objectives/Scope

c. Functional Organizational

d. Strategic or Long-Range Goals

e. Budget and Planning Preparation

f. Budget Performance and Measurement

g. Budget Performance-Revisions

h. System/IT System

i. Audit Results

 

6. Audit of Purchasing System Internal Controls

a. Policy/Objectives/Scope

b. Purchasing Controls

c. Compliance Audits, Training, Policies and Procedures

d. Purchasing System—Contract Clause Flow Down

e. Purchasing Management and Administration

f. Purchasing Source Selections

g. Pricing/Cost Analysis and Negotiated Purchases

h. Subcontract Award and Administration

i. Purchasing System—IT Internal Controls

j. Internal Control Reporting

 

7. Audit of Material Management and Accounting System

Internal Controls

a. Policy/Objectives/Scope

b. System Description (MMAS Standard 1)

c. Material Requirements (MMAS Standard 2)

d. System Monitoring (MMAS Standard 3)

e. Audit Trail (MMAS Standard 4)

f. Physical Inventories (MMAS Standard 5)

g. Material Transfers (MMAS Standard 6)

h. Costing of Material Transactions (MMAS Standard 7)

i. Inventory Allocations (MMAS Standard 8)

j. Commingled Inventories (MMAS Standard 9)

k. Internal Audits (MMAS Standard 10)

l. MMAS—IT System Internal Controls

m. Results/Disposition

 

8. Compensation System Internal Controls

a. Policy/Objectives/Scope

b. Management Reviews of the Compensation System

c. Evaluation of Organization and Assignment of Responsibility

d. Evaluation of Policies and Procedures for Non-Bargaining Unit

e. Training

f. Compensation System—IT System Internal Controls

g. Compensation System Review and Audit Results

h. Compensation System Review and Audit Report

 

9. Audit of Labor System Internal Controls

a. Policy/Objectives/Scope

b. Labor System Management Compliance Audits

c. Review of Employee Awareness Training

d. Labor System Authorization/Approvals

e. Evaluation of Timekeeping

f. Evaluation of Labor Distribution

g. Audit of Labor Cost Accounting

h. Review of Payroll Preparation and Payment

i. Review of Labor Distribution, Transfers, and Adjustments

j. Labor System—IT System Internal Controls

k. Internal Control Reporting

 

10. Audit of Indirect and Other Direct Cost System Internal

Controls

a. Policy/Objectives/Scope

b. Compliance Reviews

c. Trained Employees

d. Indirect and Other Direct Costs Preparation and Submission

e. Unallowable Costs Screening and Segregation

f. Allocability Policies, Procedures, and Controls

g. Indirect/ODC System—IT System Internal Controls

h. Internal Control Reporting

 

11. Audit of Billing System Internal Controls

a. Policy/Objectives/Scope

b. Management Compliance Reviews

c. Billing System Policies and Procedures

d. Implementation of Billing System Policies and Procedures

e. Billing System—IT System Internal Controls

f. Internal Control Reporting

 

12. Audit of Estimating System Internal Controls

a. Policy/Objectives/Scope

b. Estimating System—Description

c. Training

d. Evaluation of Cost Estimate Development

e. Contract Certification—Estimating Systems

f. IT System Internal Controls—Estimating Systems

g. Internal Control Reporting—Estimating Systems

h. Continuing Evaluation—Estimating System

 

13. Implementing and Maintaining ICAPS Compliant Controls

 

14. Preparing for ICAPS Audits

 

 

MEET YOUR CONTINUING EDUCATION CREDIT REQUIREMENTS
SEE INDIVIDUAL COURSES FOR AVAILABLE CREDITS
Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.
NCMA: CONTRACT MANAGER CERTIFICATION
All Federal Publications Seminars courses meet the course requirements of the National Contract Management Association’s certification programs. We are a proud Education Partner of the NCMA.
CPE: CONTINUING PROFESSIONAL EDUCATION
Federal Publications Seminars is part of West Professional Development, which is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
CPE HOURS
This Program is eligible for: TBA (CPE) hours of credit
Program Level: Intermediate
Program Prerequisite: None
Advance Preparation: None
Method: Group-Live
CLP: CONTINUOUS LEARNING POINTS
APPROVED FOR CLP BY
DEFENSE ACQUISITION UNIVERSITY
Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.
CLP HOURS
This Program is eligible for: (CLP) hours of credit
CLE: CONTINUING LEGAL EDUCATION
States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.
CLE HOURS
This Program is eligible for: TBA (60 minutes), (50 minutes)
Register Now for:
Internal Control Audit Planning Summary (ICAPS) - NEW!
close window
By Phone
Call (888) 494-3696
By Fax
Download the registration form and
fax your completed application to
(202) 772-8298