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DCAA Compliance NewsJune 14, 2022
If you are a government contractor with cost reimbursable and certain other contract types, you must submit an adequate incurred cost proposal within six months after the end of your fiscal year, per the FAR Clause 52.216-7. Failure to do so may disqualify you from billing the government.
Designed to determine a federal contractor’s final indirect rates and identify direct contract costs, preparing an Incurred Cost Submission is mandatory.
If you have been recently notified of an inadequate proposal, are facing a DCAA incurred cost audit, or if you have been procrastinating, we recommend you make this a priority.
We have identified sixteen points in our article Preparing an Incurred Cost Submission! These points outline what is needed, and what we can help you with, so you can feel confident your submission meets all the criteria.
Accuracy is critical, and numerous factors must be considered, and then refined through the year to ensure compliance goals are met. Kline & Company utilizes the DCAA Model, Incurred Cost Electronically (ICE) to prepare a valid Incurred Cost Proposal.
Your Incurred Cost Submission Preparation is a Year Round Effort for the Kline Team. Our former DCAA Auditors and Government Contract Accountants have the extensive knowledge and experience needed to successfully guide your audit.
After all, we wrote the book on DCAA audit survival!
For more guidance and resources visit our DCAA Government Contractor Guidance section.