The Department of Defense (DoD) issued a new rule in 2012 that requires contractors to have up to 6 adequate business systems in order to comply with government contract requirements.
Join Federal Publications with GovCon industry experts Chad Braley and Anthony Kim of Capital Edge Consulting for an opening webinar to kick off this seven-part series on Contractor Business Systems.
The team will provide an overview of the six business systems to help you navigate the complexities with coverage of the following topics:
• History of the business system rule
• Applicability of the rule and potential withholds
• Key elements of business systems
• Who will conduct the reviews/audits
• How do we prepare for upcoming reviews/audits
• Process for deficiency resolution
Not sure if you should attend this webinar?
The DoD defined “significant” deficiencies as shortcomings in the systems that materially affect the ability to rely on system generated information. Further, the rule outlines the process for DoD to withhold 5 to 10 percent of billings under certain contracts from contractors with troubled systems.
“Knowledge is power” was a phrase first used by Sir Francis Bacon.
Through their experience in navigating the government contracting industry, Chad and Anthony will provide you with the knowledge needed to understand the requirements and circumvent deficiencies.
Reference- the clauses listed below relate to the business system rule:
• DFARS 252.242-7005 Contractor Business Systems
• DFARS 252.215-7002, Cost Estimating System Requirements
• DFARS 252.234-7002, Earned Value Management System
• DFARS 252.242- 7004, Material Management and Accounting System
• DFARS 252.242- 7006, Accounting System Administration
• DFARS 252.244-7001, Contractor Purchasing System Administration
• DFARS 252.245- 7003, Contractor Properly Management System Administration
|Chad Braley, CEO and Managing Director
Capital Edge Consulting
is the Chief Executive Officer and Founder of Capital Edge Consulting, Inc. Since its inception, Capital Edge has grown into the country’s leading firm, focusing solely on serving both foreign and domestic contractors who do business with the US Government.
Chad’s areas of expertise include the Cost Accounting Standards (CAS), Federal Acquisition Regulations (FAR), agency supplement regulations, Contractor Accounting, Purchasing, Estimating, MMAS, and EVM Business Systems, Truth in Negotiations Act, government accounting requirements Incurred Cost Submissions (ICS), DCAA Audits support and preparation, other regulatory non-compliance support, Terminations, Requests for Equitable Adjustment (REA), ERP systems and risk mitigation.
Professional Experience: Chad serves government contractors ranging in size from small businesses to Fortune 100 companies with full contract lifecycle support in the areas of accounting, contracts, compliance and training. His clients work in a wide range of industries, including aerospace, biotech and life sciences, defense and homeland security, education, energy, health care, information technology, intelligence and manufacturing.
Chad graduated from the Williams School of Commerce at Washington and Lee University with a Bachelor of Science in Commerce, with a major in Business Administration.
|Anthony Kim, Director
Capital Edge Consulting
has more than 15 years of experience in various cost accounting and compliance issues related to government contracts. Specifically, he is knowledgeable in the areas of government contract procurement regulations, Cost Accounting Standards, OMB Circulars, Generally Accepted Government Auditing Standards and Generally Accepted Auditing Standards.
Professional Experience: Mr. Kim’s industry experience includes architecture and engineering, aerospace and defense, construction, manufacturing, information technology, not-for-profits and higher education. He has assisted clients with complex cost accounting matters, cost representations, business system implementations, expert testimonials, proposal assistance, audit support, and other regulatory compliance matters.
Anthony Kim holds a Bachelor of Science degree in Accounting from George Mason University.