One of the greatest advantages of any business is to gain a contract through the government. Although this is a quality gain, it is accompanied by heavy stipulations, guidelines and regulations. This is expected from an audit but that doesn’t make it any easier to prepare for or pass for that matter. However, if a company wishes to remain contracted by the government, being properly prepared for and passing this audit is a requirement. The reports of the audit will indicate the state and accuracy of the company’s financial policies and procedures. Many companies are quite intimidated by the possibility or occurrence of a DCAA audit but when the necessary precautions are taken ahead of time, everything can move along as expected and the results can be favorable for the company.
The Details of the Report
DCAA audit reports in Gaithersburg area contain and reveal vital financial information that reflect the standings and compliance of the company with government requirements and regulations. The reports are comprised by an auditor who is a liaison of the government and has their best interest in mind. Every aspect of the audit is conducted with an eye for accuracy, completion and compliance and this makes the process more intense than almost any other part of the contract that is held between the government and the business. Depending on how prepared the government contractor is, an audit may last from a few days to several months.
Record Keeping
It is in the best interest of the contractor to maintain accurate and efficient records leading up to the audit. The retention of records should be consistent with what is required by the auditing process. There are clear government guidelines that identify how long records should be maintained following final payment of a contract. These times may vary and professional services can ensure that businesses are within compliance of any standards or changes that may occur regarding these requirements. Any discrepancies regarding the retention of records can be easily overcome by maintaining all required records for the maximum allotted time. For any government contractor to remain prevalent as an operation, proper record keeping is extremely necessary.
