In many cases, having an “adequate accounting system” is an integral part of successfully winning and performing on Federal contracts. Many companies find it challenging to determine when accounting systems requirements are triggered and how to navigate obtaining appropriate approval.
Our clients and prospects unanimously have the same questions. We’ve answered the ten most common questions for you.
- When is a contractor required to have an adequate accounting system?
- As a small business contractor, am I required to have an adequate accounting system?
- As a subcontractor, am I required to have an adequate accounting system? If so, who is responsible for monitoring the adequacy of my accounting system?
- Who is responsible for determining and monitoring the adequacy of my accounting system for prime contracts?
- Can I request to have DCAA review my organization’s accounting system?
- How does a contractor obtain approval of its accounting system in order to respond to an RFP if they have not previously had the opportunity to work on cost reimbursable contracts, thus obtain an approval?
- Do I have access to the results of DCAA audits?
- What if an RFP states an adequate accounting system as a requirement and DCAA has not yet reviewed my system, is my organization limited from the competition?
- Can I have a third party review the system in lieu of DCAA or another cognizant audit agency to satisfy the requirement for an approved accounting system in a solicitation?
- How long is the adequacy determination valid?
Download “Top 10 FAQs: Adequate Accounting Systems” to receive practical advice and expert insights. Contact Nicole Mitchell at 301.231.6200 for help navigating DCAA pre-award accounting system reviews or other government contract compliance issues.