Is Your Accounting System Adequate for Award of Flexibly Priced Contracts?

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Have you found yourself trying to understand what an “adequate” accounting system means and what exactly is required for your system to be deemed adequate? An adequate accounting system can help you win new work for cost reimbursement type contracts. Here is a brief process and some of the specific criteria required to have an adequate accounting system:

A Pre-Award Accounting System Review (DCAA Activity Code 17740) involves:

  • Evaluation of the design effectiveness, not the operating effectiveness of the system
  • A mix of inquiry of appropriate personnel, observation of the entity’s operations, and inspection of relevant documentation
  • Walkthroughs of the accounting system that include …read more

    Read more here:: Government Contracting

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