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 DoD, and for providing accounting and financial advisory services to DoD components responsible for procurement and contract administration.
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Generally Accepted Government Auditing Standards can be found in the DCAA Contract Audit Manual. It is an instruction book for auditors who work on behalf the government.
It discusses standards for auditing, how to plan for an audit, cost accounting standards, auditing of estimates and proposals, statistical sampling techniques for audits, who can obtain audit reports, [...]
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DCAA compliance is integrated into accounting system software to ensure that the estimating, tracking, costing, and billing of projects easy and manageable—simplifying cost control and planning. This type of software includes Quickbooks. So who’s got the best DCAA software? It’s touch to say but …
Here are a few key DCAA Features to look for in [...]
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Microsoft Dynamics solution that was created specifically for companies that provide services and sell products to the Federal Government to help these companies better manage and maximize their business. It provides financial management and project accounting in one easy-to-use format.
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The DCAA and the different branches of the military hold free seminars on their procurement processes. However, there are many websites where you can find documents, guideline manuals, and many answers to your questions towards approval. The best place to start would be the guideline manual available at the DCAA website: http://www.dcaa.mil .
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A Basic DCAA Checklist for the Pre-Award Audits:
Setting up a Chart of Accounts to segregate Direct, Indirect and Unallowable Costs
Job Cost Accounting
Indirect Cost Pools and Allocation Bases
Indirect Rate Computations
Timekeeping System and Labor Distribution Requirements
Unallowable Costs
A Basic checklist for Post-Award and Internal Control Audits:
• previously identified differences;
• significant changes in [...]
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