This course will cover what contractors must know about the Incurred Cost Submission (ICES), including analysis of ICES Model Schedules, Contract Costs, and Pool, Base and Rate Structures.
The overall course objective is to demonstrate how to prepare an incurred cost submission as prescribed by FAR 52.216-7 as of May 31, 2011 and as interpreted by government (DCAA) auditors to assist in maximum recovery of allowable costs on contracts subject to the allowable cost and payment clause.
The instruction will include the preparation and filing of the (ICS with the required schedules which meet the now explicit adequacy requirements as well as the supplemental schedules which will be required before a DCAA audit commences. Students will gain an understanding of the underlying regulations as well as trends in government audit oversight including the DCAA adequacy checklist, the audit process and audit strategies applicable to audits of incurred cost submissions, and the audit resolution process inclusive of the FAR 42.709 penalties.
Contractors must understand their contractual obligations to submit an adequate ICES within six months after the fiscal year end date, to establish final indirect rates and determine allowable direct contract costs and ultimately to lead to successful closure of government contracts and task orders subject to the allowable cost and payments clause.