Dcaa accounting policies and procedures manual

This is the original and foremost guide to implementing a complete set of policies and procedures required for small government contractors working with the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA,) and other government agencies. The work covers major areas to include: Billing, Timekeeping, Cost Accounting, and 35 additional areas relevant to small .  · (2) The DCAA Contract Audit Manual (DCAAM ), referred to as the "CAM,” prescribes auditing policies and procedures for personnel engaged in the performance of the DCAA mission. The electronic version of the CAM is updated on a continual basis and represents the most current version. Printed editions of the CAM are published once a year. The Accounting System policies and procedures include three key topics, among many. These three are: Timekeeping. Travel Expenses. Business Meetings. All hours (including unpaid overtime) are recorded, timely, and certified by the employee plus another person within the organization.

Policies set controlling principles and direction for your company. Procedures create road maps for managing your business and reaching your goals. DCAA and DCMA - the two agencies that audit government contracts most frequently - consider effective policies and procedures as a first line of defense against fraud and waste. We purchased our original DCAA-style accounting system from a cognizant CPA who has since retired. When, in , a DOD component requested an audit, we found Steven Avery's books "Accounting Policies and Procedures," and "Surviving a DCAA Audit" extremely beneficial to bring our accounting system up to date. Now the above is a good start when preparing for an audit and DCAA Accounting System Review. Yes, it may make you cringe, but it will be fine. Take the time to read up on the DCAA Accounting System Review policy and procedure and learn what will be expected of you and what will be taking place during the review.

perform a DCAA audit. This template is 2 of 2, the first one being your company’s methodology and process for invoice submissions. Look in the Operations Module of Federal Access for this template as well. 2. Template What is provided below is a template for your timekeeping and accounting policies. Feel free to modify as appropriate. Accounting Policies and Procedures - Granite Leadership Strategies. In order to have a DCAA compliant accounting system, you must maintain a written statement of accounting policies and practices for classifying direct and indirect costs, among several dozen other accounting policies. Accounting System DFARS (a)(2) defines an accounting system as: “the Contractor’s system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws.