Remove Accountability Remove Government Contracts Remove Internal Control
article thumbnail

What Are The Cost Accounting Standards?

Capital Edge Consulting

In government contracting, maintaining a DCAA-approved accounting system is crucial. The Defense Contract Audit Agency (DCAA) enforces strict guidelines to ensure that contractors accounting systems meet the standards required for compliance. Key Takeaways: Overview of DCAA Approved Accounting System essentials.

article thumbnail

Understanding the Importance of a DCAA Approved Accounting System

Capital Edge Consulting

In government contracting, maintaining a DCAA-approved accounting system is crucial. The Defense Contract Audit Agency (DCAA) enforces strict guidelines to ensure that contractors’ accounting systems meet the standards required for compliance. Key Takeaways: Overview of DCAA Approved Accounting System essentials.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Mastering Accounting for Unallowable Costs: A Guide to CAS 405 Compliance

Public Contracting Institute

Introduction to CAS 405 and Unallowable Costs In the complex world of government contracting, understanding and properly accounting for unallowable costs as per Cost Accounting Standard (CAS) 405 is crucial for success.

article thumbnail

Retired four-star admiral faces 30 years in prison on bribery charges

Federal News Network

62-year-old Robert Burke, a retired four-star admiral, is facing up to 30 years in prison for an alleged scheme to steer a government contract to a company in exchange for future employment. After requesting a withdrawal from their TSP account, users no longer have to wait 30 days to request a second withdrawal.

article thumbnail

Cost Accounting Standards - What Contractors Need to Know

Capital Edge Consulting

Labor is among the largest contract cost recorded to Government contracts. In many cases, they are the most significant; therefore, the Government invests significant efforts to monitoring these costs and auditing them. Inadequate recordkeeping can lead to low rankings in an audit or even worse: loss of contract.

article thumbnail

Cost Accounting Standards Guide and CAS Requirements for Government Contractors

Capital Edge Consulting

Labor is among the largest contract cost recorded to Government contracts. In many cases, they are the most significant; therefore, the Government invests significant efforts to monitoring these costs and auditing them. Inadequate recordkeeping can lead to low rankings in an audit or even worse: loss of contract.

article thumbnail

Application of Cost Accounting Standards to Indefinite Delivery Vehicles

Capital Edge Consulting

Labor is among the largest contract cost recorded to Government contracts. In many cases, they are the most significant; therefore, the Government invests significant efforts to monitoring these costs and auditing them. Inadequate recordkeeping can lead to low rankings in an audit or even worse: loss of contract.