Knowing various legal formalities and compliances of government is no easy course. And thus not every accountant have the insight or knack for knowing it all. It takes years of devotion in the world of government contracts to even understand and unravel various compliances by an accountant. And when it comes to DCAA or defence contact audit agency understanding how the bids for proposal are designed, understanding how the indirect cost impacts come to your business, understanding how FAR or Federal acquisition regulations are to be maintained in compliance to when bidding for such contracts etc are important.
What is DCAA auditing?
DCAA is a governmental body which stringently regulates all firms bidding for government contracts. DCAA generally have two primary sets of guidelines- the FAR and the CAS which a contractor should follow for getting a government contract . Therefore, when you are all set to bid for a contract don’t forget to employ professional experts with years of experience to handle your DCAA accounting. Here are few tips for hiring.
2 major things to look for when hiring DCAA accountants
· Experience
When it’s something dealing with DCAA compliances there are no alternatives to experience. Hire only auditors who have decades of experience in the world of government contracts .
· Expertise
The accountant you hire should have absolute expertise over FAR and CAS guidelines along with a reasonable knowledge of allowable, unallowable cost accounting, equity adjustments, transfer and terminations etc.
Once your hired accountant has a reasonable amount of expertise and entourage of experience he assured that you are good to go with the said firm for government contracts
