PODCAST: Common Compliance Issues with High Risk Clauses of FAR Part 31

In the following podcast interview, CohnReznick’s Long Nguyen, Business Advisory Manager, and Jeff Witt, Senior Manager, provide a summary of the May 2017 Government Contracting Lunch & Learn session regarding common compliance issues with high risk clauses of FAR Part 31.

To listen to the podcast, click here.

Federal Acquisition Regulation (FAR) Part 31 focuses on the principles and procedures that govern the allowability and estimation of contract costs. This can include anything from public relations and advertising to travel and material costs.

For many government contractors, achieving FAR Part 31 compliance has been a significant challenge – mainly because it does not address every specific situation.  Due to how it is written, FAR Part 31 only provides general rules, which can be subject to interpretation. With increased interpretation by multiple parties comes increased compliance risk.

This podcast highlights the following key topics of the Lunch & Learn session:

  • The definition of FAR Part 31. (:38)
  • An overview of what is covered in this Lunch and Learn session. (1:11)
  • Why this topic is important to government contractors in today’s business climate. (2:16)
  • Typical noncompliance scenarios, and how contractors can mitigate them. (3:35)
  • How CohnReznick can help government contractors achieve FAR Part 31 compliance. (4:40)

CohnReznick hosted this Lunch and Learn on May 17th in Baltimore and will host it again on May 23rd at the Tower Club in Tysons, VA. Click here to learn more about the Firm’s Lunch and Learn series. For more information about CohnReznick’s Government Contracting Industry Practice, please contact the practice leader, Christine Williamson, CPA, PMP, at christine.williamson@cohnreznick.com or click here.

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