Live event participants can earn up to 1.5 CPE credits in the Auditing (Governmental) field of study.Program description: Labor is one of the biggest and riskiest contract costs. The primary objective of a labor floor check audit, or labor cost charging and allocation evaluation, is to determine the accuracy of contractor employee (salaried and hourly) labor hour charges to contracts, indirect accounts, or other cost objectives. In this type of audit, labor is evaluated in real time and gives assurance that employees exist and are actually working on the projects or pools that they charge. Hours recorded on an employee’s timecard or electronic record must be adequately supported and documented, with evidence of proper internal controls, if they are to be accepted as the basis for reimbursable labor costs on Government contracts. Setting up your accounting system properly will go a long way in ensuring that you are prepared to successfully navigate one of these labor audits.
Program level: Intermediate – Developing subject knowledge
Advanced Prepartion: None
Prerequisites: Current or past experience with government contracting industry planning and/or implementation issues
T
opics to be discussed include:
- Introduction to Floor Checks
- Best Practices for Timekeeping Compliance
- Accounting System’s Role in Supporting Accurate Labor Charging Practices
- How to Prepare for MAAR 6 Audit
- Compliance Challenges and Solutions
Instructional Delivery Method: Webinars: Group Internet Based
Course Registration Requirements: Landing pages feature this content prior to CPE credit approval.
Official NASBA sponsor statement, if an approved NASBA sponsor (explaining final authority of acceptance of CPE credits):
CohnReznick LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State board of accountancy have final authority on the acceptance of individual courses for CPE credits. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
