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3 hours
This is session 4 of 4 in the Life Cycle of an Indirect Cost Rate Proposal virtual course.

This 2 day virtual course will be an depth discussion on the ICP.The course topics will include discussions around the regulations within the FAR clauses, CAS and DFARs that are applicable.You will learn about the government’s administration and oversight of ICPs and responsibilities of both the DCMA and DCAA,the use of IPA’s for auditing.

Attendees will walk away with understanding of the alternative risk strategies,actions to take after an ICP submission and how to prepare for a government audit. Learn how to get to a quick close out final rate as well as understanding the statute of limitations on ICP. During the audit process, learn how to anticipate the inquiries and challenges and how to best respond and communicate.

At the end of the program, you should be prepared - and have answers to questions such as:

  • What are my alternative risk strategies I can employ?
  • How do I best anticipate and prepare for the ICP audit?
  • What are the alternative rate settlement procedures?
  • What are the limitations to ICPs?
  • What are typical audit issues I can expect from the DCAA?
  • How do I respond to the draft audit results?
  • What are the issues around contract closeout that I should be aware of?
Learning Objectives: 
At the completion of this course, you will be able to:
  • Identify the FAR related clauses and sections
  • Identify the related CAS Standards
  • Create a listing of responsible agencies and their roles
  • Identify and respond properly to an audit
  • Correct errors and omissions effectively
  • Determine final rates in a quick close situation
  • Respond effectively to an audit notification
  • Correctly identify an audit’s scope
  • Effectively determine cost allowability based on a DCAA Audit
  • Identify the steps in a timely audit response including addressing an auditor’s concerns
 
 NOTE: On-Demand Virtual Course sessions are not eligible for CLE/CPE credits.
About Our Experts
  • Courtney Edmonson
    CPA, CEO, Redstone Government Consulting
    Courtney has extensive experience with Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS) compliance, evaluation and preparation of Cost Presentations, cost accounting systems setup and reviews, and policy and procedure preparation. Prior to joining Redstone Government Consulting, Courtney served as a financial statement auditor for large and mid-tier government contractors.

    Courtney works with small and large contractors in pro-actively preparing contractors for government contracts challenges as well as resolving complex DCAA and government procurement issues. Courtney’s expertise includes establishing and/or evaluating job cost accounting structures; management and preparation of complex incurred cost and forward pricing rate proposals; evaluation of internal controls most often evaluated by DCAA to include billing and estimating systems; preparation/evaluation of policies and procedures; development of cost allowability evaluation programs, and; preparation of corrective action plans for overcoming DCAA audit findings.

    Courtney is a lead instructor for the Federal Publication Seminars course, “Government Contractor Accounting System Compliance”, and provides class instruction for other compliance courses and webinars such as “Preparation of Incurred Cost Submissions”, “Cost Accounting Standards”, and “Cost and Price Analysis”.
    Ms. Edmonson earned a Bachelor of Science Degree from Jacksonville State University and obtained her Master of Accountancy Degree from the University of Alabama in Huntsville, Alabama.
  • John C. Shire
    Director, Redstone Government Consulting, Inc.
    John is a Director with Redstone Government Consulting, Inc. providing government contract consulting services to our clients primarily related to the DFARS business systems, CAS Disclosure Statements, and DCAA/DCMA compliance preparation, advisory, and defense. Prior to joining Redstone Government Consulting, John served in a number of capacities with DCAA/DCMA for more than 30 years. Upon his retirement, he was based in Texas as an SES-level Corporate Audit Director for DCAA, managing a staff of 300 auditors at one of the largest DOD programs.
    John began his career in the late 80s working in the Clearwater, FL audit office and over the next three decades he progressed through a number of positions within both DCAA and DCMA with career highlights as DCAA Program Manager at Ft. Belvoir, Chief of Technical Programs Division, Deputy Assistant Director-Policy, Director of the DCMA Cost and Pricing Center, the SES-level Lockheed Martin Corporate Audit Director, and Director of Integrity and Quality Assurance.
    John’s three decades of experience in performing and leading DCAA auditors and DCMA reviewers provides a wealth of expertise to our clients. John’s role, not only in the performance of audits, but also in the development of audit policy affords him unique insights into the defense of audit findings and the linkage of audit program steps to the underlying regulatory framework. He is an expert in FAR, DFARS, and other agency acquisition regulation, as well as a subject matter expert in the Cost Accounting Standards having reviewed and provided audit feedback on many of the largest and most complex cost accounting practices during his tenure with the DCAA.

    John’s tenure with DCAA and DCMA came at a critical time during each agency’s history where a number of changes were occurring such as the response to the ICS backlog, development of audit approaches to the DFARS Business Systems and implementation of new audit initiatives as a result of Congressional oversight through the NDAA process. John’s leadership at the DCMA Cost & Pricing center saw oversight of all major DOD pricing actions, leadership of should cost review teams, the Commercial Pricing group and many other areas of strategic value to our clients. His involvement in these and other Agency initiatives is of great value to our clients due to his in depth understanding of DCAA and DCMA’s internal policy directives.
    John holds a Master of Business Administration and a B.A. in Accounting from the University of South Florida.
    Certifications
    Certified Information Systems Auditor
In-House
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