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The Defense Contract Audit Agency was established on January 8, 1965. Previously, the various branches of the military were responsible for their own contract audits and there was little consistency in contract administration and auditing. [2] The first efforts to perform joint audits began with the U.S. Navy and Army Air Corps in 1939.
The Office of Federal Contract Compliance Programs (OFCCP) is part of the U.S. Department of Labor. OFCCP is responsible for ensuring that employers doing business with the federal government comply with the laws and regulations requiring nondiscrimination.
Compliance requirements are series of directives established by US federal government agencies that guide recipients and auditors on how federal assistance should be managed. The OMB created 14 basic requirements which group all those compliance requirements and provided extensive array of information about them in the Compliance Supplement.
Homer was a DCMA employee killed in the September 11, 2001 terrorist attacks. [2] According to the DoD's Fiscal Year 2015 Budget Estimate, DCMA had 10,637 civilian and 472 military personnel, located in over 740 locations, managing over 19,000 contractors and nearly 350,000 active contracts.
The 2004 update to Circular A-123 is a re-examination of the existing internal control requirements for Federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes-Oxley Act of 2002. The circular and the statute it implements, the Federal Managers’ Financial ...
The Federal Audit Clearinghouse (FAC) is an office within the United States federal government.In compliance with the U.S. Office of Management and Budget (OMB) Circular A-133 Revised, the FAC is in charge of receiving, processing and distributing to U.S. federal agencies the Single Audit reporting packages of thousands of recipients of federal assistance.
The Contracting Officer and the contractor must seek to achieve their sometimes conflicting goals while following the requirements of the regulations. As with any complex document (in book form, Title 48 of the CFR requires several shelves), the FAR and its supplements can be interpreted differently by different people.
In 1970, Congress established the original Cost Accounting Standards Board (CASB) to promulgate cost accounting standards designed to achieve uniformity and consistency in the cost accounting principles followed by defense contractors and subcontractors in excess of $100,000, and to establish regulations to require defense contractors and subcontractors, as a condition of contracting, to ...