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The Defense Contract Audit Agency (DCAA) is an agency of the United States Department of Defense under the direction of the Under Secretary of Defense (Comptroller).It was established in 1965 to perform all contract audits for the Department of Defense.
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
A cost audit comprises the following; Verification of the cost accounting records such as the accuracy of the cost accounts, cost reports, cost statements, cost data and costing technique; Examination of these records to ensure that they adhere to the cost accounting principles, plans, procedures and objective; To report to the government on ...
Florida congressmen Carlos Curbelo (R) and Patrick Murphy (D) proposed the Foreign Spill Protection Bill in 2015 to change the Oil Pollution Act (OPA) to ensure the costs of foreign oil spills in American waters are incurred by the responsible party. The bill was passed with no opposition in the House in April 2016 but did not pass in the Senate.
The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability
Known as "Project 60," the findings pointed to numerous benefits of consolidating contract administration and audit. At that time, each defense agency and military service was administering and auditing its own contracts, which resulted in a great amount of duplicate effort.
The audit put the cost at 1.7 trillion yen ($12.9 billion). Organizers last year put that figure at 1.42 trillion yen ($10.7 billion at today's exchange rate but $13 billion at the time).
To determine the prudency of the investment, the PSC applies the prudent investment test or standard, determining if the costs were reasonable at the time they were incurred, and given the circumstances and what was known or knowable at the time, are to be included in the firm's rates. [3]
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