To comply with the regulations regarding proper financial management, government contractors must satisfy the Defense Contract Audit Agency (DCAA), which is responsible for performing all audits for the Department of Defense (DoD), and for providing accounting and financial advisory services to DoD components responsible for procurement and contract administration.
DCAA also provides contract audit services for many other government agencies. The Federal Acquisition Regulations (FAR), are a series of regulations issued by the Federal Government that concern the requirements of contractors for selling to the government, the terms under which the government obtains ownership, title and control of the goods or services purchased, and rules on specifications, payments and conduct and actions regarding solicitation of bids and payment of invoices.
Cost accounting is not governed by general rules and principles such as the Generally Accepted Accounting Principles (GAAP). A company who contracts to the Government, cost accounting standards (CAS) were put into place due to the difficulty the previous lack of standards posed for conducting general internal audits of defense contractors. These standards also assured agreement and integrity in understanding and applying cost to Government contracts.
Our DCAA consultants provides the following services:
· DCAA Compliance Analysis
· CAS (Cost Accounting Standards) Compliance
· FAR (Federal Acquisition Regulations Compliance
· Monthly Bookkeeping for Government Contactors
· Outsourced Accounting
· Rate Calculations and Cost Pool Configurations
· Certified Payroll Assistance
· DCAA Audit Preparation and Assistance
· Accounting Software DCAA Compliance Analysis
· Timekeeping Assistance
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