Many organizations do not have cost accounting systems that are capable of meeting all the internal (management) and external (financial reporting and contract compliance) needs of the organization. The lack of robust systems often is evidenced through inability to accurately model the impact of changes in business volume or to understand and identify non profitable product lines. Contract noncompliance can also result when cost accounting systems are not sufficient to meet contractual obligations. This live webinar helps identify the importance of a robust cost accounting system to a variety of different organization types. We will discuss key concepts related to cost accounting and then delve into areas we have often seen as being lacking for organizations that require cost accounting information for financial reporting, managerial and contract compliance purposes.
You will be able to describe key cost accounting concepts.
You will be able to discuss specify issues for cost accounting that affect manufacturing, government contracting, professional services and construction contractor organizations.
You will be able to explain the purposes of cost accounting, including those related to financial statement reporting, management reporting and contract compliance
You will be able to identify key risks to organizations that do not have adequate cost accounting systems.
Jeff has worked in public accounting since 2005. He has led numerous government compliance consulting and attestation engagements, which include developing policies, procedures, and controls in compliance with Federal Acquisition Regulations (FAR), Cost Accounting Standards (CAS), and other federal and state regulations. His attestation experience includes audits and reviews of submitted indirect rates for compliance with applicable regulations and evaluation of internal controls for compliance with specific criteria. He has managed numerous construction contract compliance audits and construction performance audits, including those for transportation infrastructure projects.