Incurred Cost Submission Training: Preparation & Audit Risk Mitigation
April 30, 2024
During this incurred cost submission training, we'll share insights on the purpose of incurred cost submission and their administrative requirements, how to prepare your own custom incurred cost submission template or the “DCAA ICE model,” how to review the incurred cost submission to help ensure that it is deemed adequate, and how to prepare for an incurred cost audit.
Please join our government contracting consulting team from FORVIS for an informative webinar as we walk through the preparation and adequacy requirements of each required ICP schedule and discuss costs that auditors commonly question. For those contractors with an incurred cost submission, aka incurred cost proposal (ICP) requirement, with a fiscal year ending December 31, your submission is due on June 30.
Incurred Cost Submission Topics Covered
- What is an ICP, and what is its purpose?
- Who is required to submit?
- What clauses trigger the submission?
- Where and when must an ICP be submitted?
- What should you do if you miss the ICP submission deadline?
- ICP evaluation process
- ICP timeliness requirements
- What comprises an adequate ICP?
- An ICP walk-through
- Detailed preparation tips for each required schedule
- Common preparation mistakes
- Common inadequacy findings and remediation techniques
- Common audit findings and remediation techniques
- Current questioned cost hot topics
Learning Objectives
Upon completion of this program, participants will be able to:
- Describe the administrative requirements regarding ICPs.
- Explain how to prepare an ICP.
- Discuss how to prepare for an ICP audit.
Presenters
Mike Mardesich, Adam So