Posts Tagged ‘DCAA’
List of the Best DCAA Approved and Compliant Accounting Software Systems
Summary of Keypoints DCAA-compliant accounting software is essential for government contractors: These systems support audit readiness, FAR and CAS compliance, accurate cost allocation, transparent reporting, scalability, and reduced risk of penalties or lost contracts. Core features define DCAA compliance: Required capabilities include a compliant general ledger, detailed cost accounting for direct and indirect costs, approved…
Read MoreWhat Does It Take to be DCAA Compliant? 5 Things You Need to Know
Summary of Keypoints DCAA compliance exists to protect taxpayer funds and ensure accountability in Department of Defense contracts, requiring contractors to maintain accurate, transparent, and well-documented financial systems and reports. A DCAA-compliant accounting system is foundational, including proper segregation of direct and indirect costs, compliant timekeeping, consistent cost accumulation and allocation methods, and identification and…
Read MoreWhat is the DCAA? All You Need To Know as a Government Contractor
Summary of Keypoints The Defense Contract Audit Agency (DCAA) provides audit and financial advisory services to the Department of Defense and other federal agencies to ensure contractor costs are allowable, allocable, and reasonable under the Federal Acquisition Regulation (FAR). DCAA compliance applies to both prime contractors and subcontractors, including small subcontractors, when contracts are cost-reimbursement…
Read MoreUnderstanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues
Summary of Keypoints Incurred Cost Proposals (ICPs) are required annually for contractors with cost-type or T&M contracts, and reconcile provisionally billed indirect costs with actual incurred costs to establish final indirect rates and calculate over- or under-billings. The ICP functions like a tax return for government contracts, finalizing indirect rates after the fiscal year closes…
Read MoreThe Complete Guide to DCAA Pre Award Audits: An 8 Point Readiness Checklist
Sumary of Keypoints A DCAA pre-award audit is required before awarding cost-reimbursable defense contracts, assessing whether a contractor’s accounting system can properly track, allocate, and report contract costs before funding is released. The purpose of the pre-award audit is to determine contractor qualification, focusing on accounting policies, procedures, and internal controls rather than conducting a…
Read MoreWhat Are the 5 Most Common DCAA Post-Award Audits for DoD Government Contractors?
Contractors that have been awarded a contract with the federal government may be subject to a number of post-award audits. These audits are often conducted by the Defense Contract Audit Agency (DCAA) and commonly include, but are not limited to, audits of costs incurred during contract performance to validate that these charges comply with Federal…
Read MoreKey DCAA Terms to Understand for Contractors
The Defense Contract Audit Agency (DCAA), part of the United States Department of Defense (DoD), performs audits of DoD contractors to ensure the best value for money the agency spends on defense contracting. As part of its auditing services, DCAA will review a contractor’s accounting and business systems to ensure the contractor is able to…
Read MoreHow to Prepare for DCAA Pre-Award Survey
If you are new to government contracting, prior to being awarded a flexibly priced contract, your contracting officer will request that DCAA perform a Pre-Award Survey to ensure your accounting system is adequate to account for government contracts. As you’re bidding on contracts, you’ll frequently be asked to provide a copy of an audit by…
Read MoreGraduate Certificate in Accounting for Government Contracts Soon Available at George Mason University
At Eubanks Accounting & Advisory, we bring to the table over 30 years of experience in Government Contract Consulting. We have long partnered with government contracts in order to not only assist with financial decisions, audits, and taxes, but also to help fulfill the unique needs in the field. Since it is vital for government…
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