Posts Tagged ‘DCAA’
What Does It Take to be DCAA Compliant? 5 Things You Need to Know
As a government contractor, maintaining compliance with the Defense Contract Audit Agency (DCAA) is crucial for the success of your business. The DCAA is responsible for auditing and evaluating government contracts, and ensuring that contractors are adhering to strict regulations and accounting principles. Non-compliance can result in serious consequences, including contract termination and financial penalties.…
Read MoreWhat is the DCAA? All You Need To Know as a Government Contractor
The DCAA, or Defense Contract Audit Agency, provides audit and financial advisory services to the DoD and other federal entities responsible for acquisition and contract administration to ensure the government gets the best value for every dollar it spends on defense contracting. DCAA operates under the authority, direction, and control of the Secretary of Defense…
Read MoreUnderstanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues
All federal contractors with cost-type or time and materials (T&M) contracts with cost-type contract line items (CLINS) are required to submit an Incurred Cost Proposal regardless of agency customer. All contracts requiring an Incurred Cost Proposal will include the Federal Acquisition Regulations Allowable Cost & Payment Clause and/or the T&M Payment Clause. What is an…
Read MoreThe Complete Guide to DCAA Pre Award Audits: An 8 Point Readiness Checklist
What Exactly is a DCAA Pre Award Audit? A DCAA pre-award audit is a mandatory requirement for all defense contractors awarded cost reimbursable contracts. It is designed to assess the contractor’s ability to properly account for contract costs, and it is conducted before any contract funding has been released. A pre-award audit is not 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 CPA Department, 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 contractors to…
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