NRC & Dnfsb Audit Contract Awarded to Sikich CPA LLC for $3.87M

Contract Overview

Contract Amount: $3,870,002 ($3.9M)

Contractor: Sikich CPA LLC

Awarding Agency: Nuclear Regulatory Commission

Start Date: 2022-04-20

End Date: 2027-04-19

Contract Duration: 1,825 days

Daily Burn Rate: $2.1K/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 2

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: ANNUAL FINANCIAL STATEMENT AUDIT AND IMPROPER PAYMENTS ELIMINATION AND RECOVERY ACT (IPERA) AUDIT FOR NUCLEAR REGULATORY COMMISSION (NRC) AND THE DEFENSE NUCLEAR FACILITIES SAFETY BOARD (DNFSB)

Place of Performance

Location: ROCKVILLE, MONTGOMERY County, MARYLAND, 20852

State: Maryland Government Spending

Plain-Language Summary

Nuclear Regulatory Commission obligated $3.9 million to SIKICH CPA LLC for work described as: ANNUAL FINANCIAL STATEMENT AUDIT AND IMPROPER PAYMENTS ELIMINATION AND RECOVERY ACT (IPERA) AUDIT FOR NUCLEAR REGULATORY COMMISSION (NRC) AND THE DEFENSE NUCLEAR FACILITIES SAFETY BOARD (DNFSB) Key points: 1. The contract focuses on financial audit services, a critical function for government accountability. 2. SIKICH CPA LLC is the sole awardee, indicating a specific need or capability. 3. The contract duration of 5 years suggests a long-term requirement for these audit services. 4. The total value of $3.87M needs to be assessed against the scope and complexity of the audits.

Value Assessment

Rating: fair

The contract value of $3.87M over 5 years averages $774,000 annually. Benchmarking this against similar government audit contracts requires detailed scope comparison, but it appears within a reasonable range for comprehensive financial statement audits.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, suggesting multiple firms had the opportunity to bid. This method generally promotes competitive pricing and ensures the government receives best value.

Taxpayer Impact: The use of full and open competition is expected to yield a fair price for the taxpayer, ensuring funds are used efficiently for essential audit services.

Public Impact

Ensures financial integrity and accountability for the Nuclear Regulatory Commission and Defense Nuclear Facilities Safety Board. Provides independent assurance on the accuracy of financial statements. Supports the elimination and recovery of improper payments as mandated by IPERA. Contributes to public trust by demonstrating responsible stewardship of taxpayer funds.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for vendor lock-in if performance is consistently good over the 5-year term.
Reliance on a single firm for critical audit functions.

Positive Signals

Awarded under full and open competition.
Firm Fixed Price contract type provides cost certainty.
Long-term contract allows for consistent audit approach.

Sector Analysis

This contract falls under 'Other Accounting Services' (NAICS 541219). Government spending in this sector is driven by regulatory requirements for financial transparency and accountability. Benchmarks for similar audit services vary widely based on agency size and audit complexity.

Small Business Impact

The awardee, SIKICH CPA LLC, is not explicitly identified as a small business in the provided data. The contract was awarded under full and open competition, which does not preclude small business participation but does not guarantee it.

Oversight & Accountability

The contract is subject to standard government oversight for contract performance and financial management. The audit itself is a form of oversight for the NRC and DNFSB's financial operations.

Related Government Programs

Other Accounting Services
Nuclear Regulatory Commission Contracting
Nuclear Regulatory Commission Programs

Risk Flags

Potential for audit findings related to improper payments.
Risk of inadequate identification of financial statement errors.
Dependence on contractor's expertise and independence.
Contract duration may exceed optimal performance review cycles.

Frequently Asked Questions

What is this federal contract paying for?

Nuclear Regulatory Commission awarded $3.9 million to SIKICH CPA LLC. ANNUAL FINANCIAL STATEMENT AUDIT AND IMPROPER PAYMENTS ELIMINATION AND RECOVERY ACT (IPERA) AUDIT FOR NUCLEAR REGULATORY COMMISSION (NRC) AND THE DEFENSE NUCLEAR FACILITIES SAFETY BOARD (DNFSB)

Who is the contractor on this award?

The obligated recipient is SIKICH CPA LLC.

Which agency awarded this contract?

Awarding agency: Nuclear Regulatory Commission (Nuclear Regulatory Commission).

What is the total obligated amount?

The obligated amount is $3.9 million.

What is the period of performance?

Start: 2022-04-20. End: 2027-04-19.

What is the specific scope of work for the annual financial statement audit and improper payments elimination?

The scope includes a comprehensive audit of the Nuclear Regulatory Commission (NRC) and the Defense Nuclear Facilities Safety Board (DNFSB) financial statements, as well as assessing the effectiveness of their programs for eliminating and recovering improper payments, as mandated by the Improper Payments Elimination and Recovery Act (IPERA).

What are the key risks associated with this contract?

Key risks include potential over-reliance on a single audit firm, which could lead to complacency or reduced scrutiny over time. There's also a risk that the firm may not fully identify all instances of improper payments or financial statement inaccuracies, impacting accountability and recovery efforts.

How does this contract contribute to the overall effectiveness of the NRC and DNFSB?

This contract is crucial for ensuring the financial integrity and operational effectiveness of the NRC and DNFSB. By providing independent audits, it verifies the accuracy of financial reporting, identifies areas for improvement in financial management, and supports compliance with federal regulations, ultimately enhancing public trust and efficient resource allocation.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Other Accounting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Solicitation ID: 31310022Q0020

Offers Received: 2

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 333 JOHN CARLYLE ST STE 500, ALEXANDRIA, VA, 22314

Business Categories: Category Business, Limited Liability Corporation, Not Designated a Small Business, Partnership or Limited Liability Partnership, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $3,900,002

Exercised Options: $3,900,002

Current Obligation: $3,870,002

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: GS00F279DA

IDV Type: FSS

Timeline