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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.

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Small Business Reality vs. DCAA Accounting System Expectations

Redstone Government Consulting

Every small business that receives a Federal Government cost reimbursable contract is expected, by the Defense Contract Audit Agency (DCAA), to have a “sound internal control environment, accounting framework, and organizational structure.”

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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.

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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. Documenting Unallowable Costs: Best Practices Proper documentation is key to demonstrating compliance with CAS 405.

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Procurement purchasing card perils: Will you be the next headline?

American City & Country

P-card abuse or misuse is an emerging and troubling trend and organizations need to improve their internal control systems to mitigate risk. While the benefits of a p-card program are significant, so are the risks of fraud and misuse, necessitating a robust internal control system.

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Cost Accounting Standards - What Contractors Need to Know

Capital Edge Consulting

Two Quick Ways to Fail DCAA T imekeeping Requirements The federal government is the biggest purchaser of goods and services, so it's important that you have a good grip on your accounting practices. DCAA’s position, as in other cost accounting practices, is that “if it isn’t documented, it didn’t happen.”

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Security flaws in IRS systems pose risk to financial statements, GAO says

FedScoop

A handful of security deficiencies in IRS information systems elevate the tax agency’s risk of inaccuracies in financial statements, the Government Accountability Office said Thursday. The post Security flaws in IRS systems pose risk to financial statements, GAO says appeared first on FedScoop.