There are some rules and regulations when a contractor enters into an agreement. The agreement can be to provide goods and services to the Government. However, they must follow certain government acquisition regulations and guidance. Generally, it is the duty of DCAA to check whether the contractor is following dcaa compliance. In accordance with these regulations, whether the norms are followed based on the type of contract, the contractor has with the Government.
Accounting and different financial advice from dcaa compliance
The full form of DCAA is “Defense Contract Audit Agency. The government agency is responsible for carefully auditing Department of Defense contracts. The association of other government agencies to provide their financial advisory services and accounting with DCAA takes place. Various government bodies also assist with the dcaa audit. The contracts come in all sizes. The range lies beyond billions of dollars. DCAA makes sure that the military and taxpayers get what they are paying for.
DCAA provides an insight into the Audit process
The organization provides an overview of the thorough Audit Process that is present in the Contractor Audit Manual of DCAA. This manual elaborates on the basic policies and description of DCAA. The manual also describes the various attributes of an adequate accounting and labor system, Cost Accounting Standards and price proposals. The manual also states about the contract financing, interim, final vouchers and several incurred cost proposals. The top most concern in government contracting lies in cost.
