November 2016 - page 13

DCAA (Defense Contract Audit Agency) recently implemented a program to systematically review paid interim vouchers. DCAA, of course, has always had that authority and would sometimes endeavor to perform such reviews as part of a larger billing system audit. But now, the program is much more structured. If you haven’t yet been subjected to one, you will.

Source: PNWC’s Government Contracting Update: Audits of Paid Vouchers

Most companies at some point interact with independent public accountants (i.e. Certified Public Accountants or CPAs). CPAs perform audits, reviews, and compilations of financial statements, perform routine bookkeeping services, and consult on various financial matters. One thing that many companies are unaware of when engaging a CPA firm to perform an audit or review of its financial statements is that those auditors are required by professional standards to assess the likelihood of fraud that could materially misstate financial representations. Just to be sure these auditors are well-trained to detect fraud, most states require that they receive specific fraud training as a prerequisite to licencing renewals every two or three years. Bet many of you didn’t know that your CPA doubles as a gumshoe.

Source: PNWC’s Government Contracting Update: Federal Conspiracy Statutes