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Found 10 results

  1. Hello everyone, I'm at a loss trying to figure out how this situation would be handled. Please bear with me as I lay it out: Parent Company A is the parent company to multiple wholly-owned subsidiaries. This scenario involves two; Subsidiary 1 and Subsidiary 2. Subsidiary 1 holds a GWAC that neither Subsidiary 2 or Parent Company A possess in their name. An opportunity is released on said GWAC that Subsidiary 2 would like to pursue. The opportunity requires DCAA audited accounting system, an approved purchasing system, and relevant past performance. Parent Company A holds the approv
  2. Hi, With the increase in online T&E solutions, has DCAA established additional guideline related to Original Receipts vs. scanned and digital copies, etc. My question is related to 4.703.(c).3 (see below) "The contractor or subcontractor retains the original records for a minimum of one year after imaging to permit periodic validation of the imaging systems." I have delved deep into the internet and have found no guidance. If we meet (c) 1 and 2 then 3. defeats the purpose of reduction of paperwork, time for scanning and maintaining originals, etc. I have been through
  3. Section 102. Wow. "The bill takes aim at incurred-cost, which aides say are slow, time-consuming and do not deliver substantial enough returns for the taxpayer. In 2016, it took 885 days for the Defense Contract Audit Agency to complete these audits, which accounted for “a pretty small percentage of the net savings the DCAA brings to the government,” an aide said. The bill's three-tiered answer would be to: Let contract officers choose either DCAA or outsource to a qualified private sector auditor. Raise the contract-value threshold that requires such audits. Require
  4. Hello Wifcon Forum Members, I've recently began reviewing a physically completed T&M/LH for closeout purposes. This particular T&M/LH contract has the following specifications under the heading "Maximum Hours and Cost" for the following two labor categories: Sr. Software Engineer - 656 hours at $/hour Program Manager - 18 Hours at $/hour A review of the contract invoices shows the following amount of Labor Hours billed/charged during the course of the contract: Sr. Software Engineer - 381 hours Program Manager - 38 hours As you can see, the SSE w
  5. Hello Wifcon members, I have a situation that I hope one of you can help me with. A subcontractor that worked under one of our Prime Contracts recently sent me their final invoice this month (Sept 2016), their final invoice was a rate adjustment based on their DCAA approved final indirect rates. The Prime Contract they worked under ended in 2014, but still has funding remaining on it. My questions are: Can I bill their Final Rate Adjustment Invoice against the remaining funding left on the prime contract even though the prime contract has already ended? Our prime contract co
  6. Hi All, I work for a small federal contractor (90% of our work is gov't contracts) that does not have a purchasing department. Rather, our engineers do their own purchasing. Needless to say, this is a nightmare for me from a compliance standpoint, and the President of the company (also an engineer) is resistant to change. I've recently discovered that we are issuing POs for direct charge parts and materials where multiple contracts are charged to one PO. However, rather than noting the allocated amount being charged to each contract's project number, we are assigning a percentage value of
  7. I was hoping I could pick someone's brain, as I wanted to confirm as to whether or not there is some federal or accounting principle that would prevent the following or if there are any ramifications that I may not be aware of? Long story short, we are a Subcontractor to a contract in which the Prime is requesting to handle all travel for our employees. From making arrangements, to reimbursing and/or paying the employee. The CLIN associated with travel was awarded on a cost reimbursable basis not-to-exceed $350k. Not sure if it's such a big deal but logically it just doesn't make sense
  8. Hello All, Recently DCAA finished it's audit of our 2008 Incurred Cost Submission. One of the findings we are taking issue with is for a subcontractor who apparently did not file (and has not filed to-date) an incurred cost submission of their own. DCAA affirms that it was our responsibility to make sure the subcontractor filed an ICS. I believe this was the only contract the subcontractor had for the year. This is leaving us with potentially millions in penalty. Does anyone have experience with this type of situation or similar? I am trying to research as much as possible to see what options
  9. Good Day All: Is it at all possible to have a private firm or CPA audit and find acceptable an accounting system of a prospective federal contractor? Far Part 42 states " Normally, for contractors other than educational institutions and nonprofit organizations, the Defense Contract Audit Agency (DCAA) is the responsible Government audit agency. However, there may be instances where an agency other than DCAA desires cognizance of a particular contractor. In those instances, the two agencies shall agree on the most efficient and economical approach to meet contract audit requirements. For educat
  10. The DoD IG recently published its review of various DCAA audits from 2011-2013: http://www.dodig.mil/pubs/report_summary.cfm?id=5967. I found pages 61-71 about DCAA audit 2701-2012C210... to be very insightful. The issues surrounding this report highlight an apparent difference between the cost analyst and the DCAA auditor. Hypothesis: The primary value of the cost analyst at a prime contractor (or upper-tier subcontractor) is to mitigate time constraints imposed by DCAA requirements (or, stated positively, to provide flexibility in maximizing the value for the customer.) Timeline of Events: S
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