DoD Awards $25.17M Financial Audit Services Contract to Credence Dynamo Technologies LLC
Contract Overview
Contract Amount: $25,171,072 ($25.2M)
Contractor: Credence Dynamo Technologies LLC
Awarding Agency: Department of Defense
Start Date: 2023-08-04
End Date: 2026-08-06
Contract Duration: 1,098 days
Daily Burn Rate: $22.9K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Number of Offers Received: 8
Pricing Type: FIRM FIXED PRICE
Sector: IT
Official Description: 8510057589!FINANCIAL AUDIT SERVICES
Place of Performance
Location: FORT BELVOIR, FAIRFAX County, VIRGINIA, 22060
State: Virginia Government Spending
Plain-Language Summary
Department of Defense obligated $25.2 million to CREDENCE DYNAMO TECHNOLOGIES LLC for work described as: 8510057589!FINANCIAL AUDIT SERVICES Key points: 1. Contract awarded for financial audit services to support the Defense Logistics Agency. 2. The contract value is $25.17 million over approximately 3 years. 3. Competition was full and open after exclusion of sources, suggesting a competitive process. 4. The sector is IT services, specifically Computer Systems Design Services (NAICS 541512).
Value Assessment
Rating: good
The contract value of $25.17M for financial audit services over 3 years appears reasonable when benchmarked against similar government contracts for specialized audit expertise. The fixed-price nature provides cost certainty.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition after exclusion of sources, indicating a robust bidding process. This method generally leads to competitive pricing and ensures the best value is obtained for the government.
Taxpayer Impact: The competitive award process is expected to yield fair pricing, ensuring taxpayer funds are used efficiently for essential financial audit services.
Public Impact
Ensures financial integrity and accountability within the Department of Defense. Supports critical audit functions for the Defense Logistics Agency. Provides specialized IT and financial expertise to the government.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for scope creep in audit services.
- Reliance on a single vendor for critical audit functions.
Positive Signals
- Competitive award process.
- Fixed-price contract type.
- Experienced vendor selected.
Sector Analysis
The IT services sector, particularly computer systems design and related professional services, is a significant area of government spending. Benchmarks for similar audit and IT support contracts vary widely based on scope and duration.
Small Business Impact
The award was made to Credence Dynamo Technologies LLC, which is not explicitly identified as a small business in the provided data. Further analysis would be needed to determine the impact on small business participation.
Oversight & Accountability
The contract falls under the purview of the Department of Defense and the Defense Logistics Agency, both of which have established oversight mechanisms. The fixed-price contract type aids in cost control and accountability.
Related Government Programs
- Computer Systems Design Services
- Department of Defense Contracting
- Defense Logistics Agency Programs
Risk Flags
- Potential for vendor lock-in if follow-on contracts are not competitively procured.
- Dependence on a single entity for critical financial oversight.
- Risk of unforeseen complexities in defense financial systems impacting audit scope.
- Need for continuous monitoring to ensure quality and compliance.
Tags
computer-systems-design-services, department-of-defense, va, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Defense awarded $25.2 million to CREDENCE DYNAMO TECHNOLOGIES LLC. 8510057589!FINANCIAL AUDIT SERVICES
Who is the contractor on this award?
The obligated recipient is CREDENCE DYNAMO TECHNOLOGIES LLC.
Which agency awarded this contract?
Awarding agency: Department of Defense (Defense Logistics Agency).
What is the total obligated amount?
The obligated amount is $25.2 million.
What is the period of performance?
Start: 2023-08-04. End: 2026-08-06.
What specific financial audit services are included in this contract, and how do they align with DLA's evolving needs?
The contract specifies financial audit services, likely encompassing areas such as financial statement audits, internal control assessments, and compliance audits. These services are crucial for DLA's operational integrity and regulatory adherence. The alignment with evolving needs would depend on the detailed statement of work, which is not provided, but typically such contracts are designed to be adaptable to changing financial landscapes and audit requirements.
What are the key performance indicators (KPIs) for this contract, and how will performance be measured to mitigate risk?
Key performance indicators would likely include timeliness of audit reports, accuracy of findings, adherence to audit standards (e.g., GAO Yellow Book), and responsiveness to DLA inquiries. Performance measurement would involve regular reviews by DLA contracting officers, quality assurance checks, and potentially user feedback. Robust KPIs and monitoring are essential to ensure the contractor meets expectations and to identify any potential issues early.
How does the pricing structure compare to industry standards for similar financial audit services, considering the specific requirements of a defense agency?
The fixed-price nature of the contract provides a clear cost ceiling. Benchmarking against industry standards requires detailed comparison of the scope of work, required expertise, and duration. Given the specialized nature of defense agency audits, pricing might be higher than commercial equivalents due to security clearances, specific regulatory knowledge, and the complexity of defense logistics operations. The competitive award suggests the price is deemed fair and reasonable by the agency.
Industry Classification
NAICS: Professional, Scientific, and Technical Services › Computer Systems Design and Related Services › Computer Systems Design Services
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Solicitation ID: SP470123Q0099
Offers Received: 8
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 1951 KIDWELL DR STE 550, VIENNA, VA, 22182
Business Categories: Category Business, DoT Certified Disadvantaged Business Enterprise, Limited Liability Corporation, Minority Owned Business, Partnership or Limited Liability Partnership, SBA Certified 8 a Joint Venture, Self-Certified Small Disadvantaged Business, Small Business, Special Designations, Indian (Subcontinent) American Owned Business, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $25,178,544
Exercised Options: $25,178,544
Current Obligation: $25,171,072
Actual Outlays: $1,986,795
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: 47QTCB22D0636
IDV Type: GWAC
Timeline
Start Date: 2023-08-04
Current End Date: 2026-08-06
Potential End Date: 2026-08-06 00:00:00
Last Modified: 2026-02-05
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