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FEMA Unveils Plans for Financial, IT Internal Controls Support Contract

GovCon Wire

The Federal Emergency Management Agency has announced plans to conduct a competition for a contract to provide financial, internal controls, IT audit and assessment services for FEMA’s Office of the Chief Financial Officer, or OCFO, Risk Management and Compliance Division.

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What Are The Cost Accounting Standards?

Capital Edge Consulting

Instead, the DCAA evaluates whether a contractors accounting system meets the required standards based on specific accounting methods, procedures, and internal controls. Internal Controls : Strong internal controls are necessary to ensure the accuracy and reliability of financial reporting.

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Procurement purchasing card perils: Will you be the next headline?

American City & Country

P-card abuse or misuse is an emerging and troubling trend and organizations need to improve their internal control systems to mitigate risk. While the benefits of a p-card program are significant, so are the risks of fraud and misuse, necessitating a robust internal control system.

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New OCI Rule Contains Big Changes

SmallGovCon

The proposed OCI rule implementing the Preventing Organizational Conflicts of Interest in Federal Acquisition Act has just dropped. We started discussing the Act back in early 2023 after it was passed in late 2022, and I outlined my predictions at the Court of Federal Claims judicial conference. The entire law, however, was less than two pages.

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Government Contracts Cost and Pricing: The Truth in Negotiations Act, or Whatever the Kids Are Calling It These Days (Part 3)

Government Contracts & Investigations

The Department of Defense (DoD) has designated DCAA to establish and conduct a program for performing regularly scheduled defective pricing audits. [5] 5] Based on inter-agency agreements, this program includes contracts awarded by certain non-DoD agencies as well as DoD contracts. [6]

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International Trade Enforcement Roundup – August 2023 Update

GovCon & Trade

Second, Charles McGonigal, former Special Agent in Charge of the FBI New York Counterintelligence Division, pleaded guilty to violating the International Emergency Economic Powers Act (IEEPA) and to committing money laundering after providing services to a Specially Designated National (SDN). There were also a few China-related actions.

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Security flaws in IRS systems pose risk to financial statements, GAO says

FedScoop

The continuing control deficiencies related to transaction cycles increase the risk of financial statement misstatements,” the GAO said in its report. IRS mitigated the potential effect of these control deficiencies primarily through compensating controls that management designed to help detect potential financial statement misstatements.”