Baker Tilly's GovCon advisors, along with other industry leaders, contributed to Deltek’s virtual roundtable to discuss the Department of Defense’s (DoD) proposed rule on business systems compliance. Senior leaders discussed possibly the biggest change to compliance in over 30 years and how government contractors can prepare for the shifting landscape.
- Overview of proposed rule to the 6 critical business systems
- Potential impact on the government contracting landscape
- Industry’s response to the proposed rule
- Projections on the DoD’s next move
- Internal deadline timeline
Questions discussed included:
- Do you think the final rule will require CPA review or will other third-party consultants be allowed to do system audits? Could there be something like Enrolled Agents for the IRS?
- Will this apply to contractors with contracts with agencies other than DoD?
- Once your accounting system is "approved," how long would that approval from the ACO last?
- If we already have an approved accounting system as a small company, how frequently should our accounting system be approved again?
- I've heard of a billing system audit going on for 2 years with over 10,000 hours booked to it. How's a CPA firm supposed to do it in 40?