Remove Evaluation Remove Internal Control Remove IT
article thumbnail

Understanding the Importance of a DCAA Approved Accounting System

Capital Edge Consulting

Instead, the DCAA evaluates whether a contractor’s accounting system meets the required standards based on specific accounting methods, procedures, and internal controls. Internal Controls : Strong internal controls are necessary to ensure the accuracy and reliability of financial reporting.

article thumbnail

Government Contracts Cost and Pricing: The Truth in Negotiations Act, or Whatever the Kids Are Calling It These Days (Part 3)

Government Contracts & Investigations

6] DCAA is authorized to examine contractor records related to proposals, discussions, pricing, and performance to evaluate the accuracy, completeness, and currency of cost or pricing data. [7] The Department of Defense (DoD) has designated DCAA to establish and conduct a program for performing regularly scheduled defective pricing audits. [5]

article thumbnail

The FY2024 NDAA and its Nexus to the FAR and DFARS

Capital Edge Consulting

The following are subject matter areas that represent critical timekeeping internal controls. This inquiry aims to determine how an employee records overtime, which will be evaluated for consistency in costs (overtime). Inadequate recordkeeping can lead to low rankings in an audit or even worse: loss of contract.

IT 52
article thumbnail

The Infrastructure Investment and Jobs Act - Summary

Capital Edge Consulting

The following are subject matter areas that represent critical timekeeping internal controls. This inquiry aims to determine how an employee records overtime, which will be evaluated for consistency in costs (overtime). 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

The following are subject matter areas that represent critical timekeeping internal controls. This inquiry aims to determine how an employee records overtime, which will be evaluated for consistency in costs (overtime). 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

The following are subject matter areas that represent critical timekeeping internal controls. This inquiry aims to determine how an employee records overtime, which will be evaluated for consistency in costs (overtime). Inadequate recordkeeping can lead to low rankings in an audit or even worse: loss of contract.

article thumbnail

The Infrastructure Investment and Jobs Act – Expanding Opportunities in the Federal Award Landscape

Capital Edge Consulting

The following are subject matter areas that represent critical timekeeping internal controls. This inquiry aims to determine how an employee records overtime, which will be evaluated for consistency in costs (overtime). Inadequate recordkeeping can lead to low rankings in an audit or even worse: loss of contract.