The “Pre-Award Study or SF1408” is performed prior to the prize and is agreement particular. It results in an opinion that the product is “acceptable” for use on the considered agreement. It should be mentioned that this is NOT a true audit because it does not look at any real expenses – only its abilities.
For more - http://www.dcaaconsulting.com/
2. DCAA appears for Defense Contract Audit Agency and it
audits the accounting methods and accounting of govt
companies, such as primary companies and sub-
contractors. Under the 'Labour Charging System', the
DCAA has set some requirements for timekeeping
techniques, timesheet planning, timekeeping policy etc.
When it comes to tracking here we are at a venture, it is
recommended by even private bodies to look for a DCAA
compliance time tracking tool and this is an important need
for any US government body that entrusts a customer
eventually tracking for a venture.
3. Cost reimbursement and time & materials (T&M)
agreements use provisional payments prices to find the
oblique price prices a contractor can charge to the
government all season long. The contractor uses
approximated budget amounts to determine provisional
payments prices. The real prices are often different. If
your company has a cost reimbursement or a T&M
agreement, your organization will need to publish an
incurred cost submissions.
4.
5. To reduce misuse and scams, the federal
government is shrinking compliance regulations and
increasing charges for companies that don't succeed
to comply with purchasing regulations like those from
the DCAA. A DCAA audit can be a traumatic time for
government contractors. However, it doesn’t have to
be. Operating in compliance is no longer regarded as
a best practice: it’s now essential that can be both
challenging and time-consuming.
6. If your business needs to
know its dcaa indirect
costs in order to receive a
federal grant or contract,
the specialist handling
your contract should
contact the proper
organization as it
becomes clear that your
organization may be
receiving the contract or
grant.
7. The contractor must have either a subsidiary job-
cost ledger or a / r balance sheet that builds up
expenses by agreement at a level according to
that used by the potential contractor in its offer.
The SF 1408 need is that the accounting system
provides for the recognition and builds up of
immediate expenses by agreement. Auditors
decide whether the indirect costs are sorted in
logical pools and assigned based on a causal or
beneficial relationship with the base expenses.
