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Preparing For Your First DCAA Audit – A Few Tips

Being a new government contractor, youu2019ll have to prepare for your first DCAA Audit for compliance. If youu2019re already preparing for it, youu2019re likely running various business units through programs, rechecking financial/accounting software, and making sure everything is in place before the auditor arrives. You may even have a few questions about how you should prepare yourself, and this write-up can help you with it.

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Preparing For Your First DCAA Audit – A Few Tips

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  1. Preparing For Your First DCAA Audit – A Few Tips Being a new government contractor, you’ll have to prepare for your first DCAA Audit for compliance. If you’re already preparing for it, you’re likely running various business units through programs, rechecking financial/accounting software, and making sure everything is in place before the auditor arrives. You may even have a few questions about how you should prepare yourself, and this write-up can help you with it. First of all, you mustn’t panic. Many government contractors preparing for their first audit can’t sleep night after night due to the fear of losing the contract or getting penalized. In reality, government contracting has been around for a long time, and there are best practices that you should follow to pass those audits successfully. While some systems work better than others, almost all of them can be compliant. Naturally, there’s no point in losing your sleep over it. Even after being a government contractor, you’ll have specific rights at your disposal. While on the streets, you only have the right to remain silent and hire a lawyer. In government contracting, however, the practicality of this option is questionable. Nevertheless, you do have the right to answer and provide only the requested information. You won’t have to provide anything more. Other ways to prepare For a DCAA Complianceaudit, you must be honest. After all, you don’t want to get into trouble. If you do, you’ll get barred from bidding on government projects. In the end, failing to pass the

  2. audit will provide you with a report including what your deficiencies are. You can use that report to increase your experience for the next audit. Therefore, you have to be open and truthful. You should also utilize the expertise of the auditors to improve your business. Anticipation is as crucial in government contracting as everything else mentioned here. If you get into the government contracting business, you’ll find out the types of opportunities and bids that can trigger specific audits. By knowing what you have to deal with, you’ll be able to prepare yourself appropriately ahead of time. Consistency is also mandatory for government contractors. You need to maintain your accounting policies, procedures, and practices present to the auditors during the audit.

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