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.
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, how theyâ€™re distributed and what they should look like. Read more about the DCAA Contract Audit Manual
DCAA compliance is integrated into accounting system software to ensure that the estimating, tracking, costing, and billing of projects easy and manageableâ€”simplifying cost control and planning. This type of software includes Quickbooks. Here are a few key DCAA features to look for in your software to avoid an audit: Allocations are posted to contracts and are available in standard reports Allocations can be processed at any time and as often as desired Project Allocation to general ledger reconciliation reporting Use standard PJC timecards to enter […]
Microsoft Dynamics solution 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.
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 .
AÂ 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: â€¢ previously identified differences; â€¢ significant changes in management or staff; â€¢ FAO familiarity with the audit type; â€¢ recent guidance or audit program changes; â€¢ assignments with a low number of hours expended and […]
Most accountants and auditors for the DCAA are college graduates, hundreds of them have advanced degrees, and over half of them (approx. 1,700) are Certified Public Accountants (CPAs). DCAA jobs are posted on USA Jobs.
DCAA (Defense Contract Audit Agency) was created by act of Congress in 1965 to perform all necessary contract audits for the Department of Defense (DOD). Their mission also includes providing accounting and financial advisory services to all DOD components in connection with the negotiation, administration and settlement of contracts and subcontracts. Today DCAA employs more than 3,600 auditors and maintains more than 350 branches and sub-offices around the world. In recent years, DCAA has also provided its services to many other Government agencies on a […]
The following rates have been authorized for all work performed by DCAA under the Memorandum of Agreement. FY09 DCAA Hourly Billing Rate: $93.98 FY09 DCAA Reimbursable Adder Rate Factor: 22.0%
Over the years the federal government has determined that certain costs cannot be allowed in prices, cost reimbursements or settlements under contracts with the US Government. The government is unwilling to pay for these costs as direct charges to federal government contracts or through indirect expense pools applied to federal government contracts. A company is not prohibited from incurring unallowable costs, but they cannot be recovered either directly or indirectly under federal government contracts. To manage unallowable costs, separate accounts must be established for these […]