Accounting, Auditing and Compliance Resources for Government Contractors
 
 

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ACCOUNTING AND AUDITING COMPLIANCE :: Accounting and auditing compliance are burdensome but critical elements of successful participation in the government contracts marketplace.  As a small business manager, you should make it a top priority to ensure that you implement appropriate internal accounting systems to comply with government contracting requirements.  This page links to the primary sources of accounting and auditing principles for government contracting.  Note: no legal or accounting advice is offered.  You should consult with a professional before taking action.
 

   

     
  CCH Business Owner's Toolkit: Managing Your Business Finances.  This CCH article provides an excellent starting point for learning about the principles of financial management.  Addresses basic bookkeeping, credit and collections, cash flow, major purchases and projects, and  analyzing your current financial position. 
 
     
  Overview of Federal Accounting Concepts and Standards. Prepared by the Federal Accounting Standards Advisory Board (FASAB), this report provides insight into Federal accounting practices.  Addresses a range of key concepts including managerial cost accounting, accounting for assets and liabilities, accounting for revenue, accounting for property and equipment, accounting for inventory, and accounting for loans and loan guarantees.  Explore FASAB and documents issued by FASAB for further information.
 
     
  Government Auditing Standards.  Also called the "Yellow Book," this publication contains standards for audits of government organizations, programs, activities, and functions, and of government assistance received by contractors, nonprofit organizations, and other nongovernment organizations. These standards, often referred to as generally accepted government auditing standards (GAGAS), are to be followed by auditors and audit organizations when required by law, regulation, agreement, contract, or policy. 
 
     
  Defense Contract Audit Agency: Information for Contractors.  Provides basic groundwork to assist contractors in understanding the government's auditing process.
 
     
  DCAA Contract Audit Manual.  Provides technical audit guidance, audit techniques, audit standards, and technical policies and procedures to be followed by DCAA personnel in conducting audits.
 
     
  Defense Acquisition University: Indirect Cost Management Guide.  Provides an overview of the basic principles and issues related to indirect-cost management.  While written to assist government personnel, this document provides contractors with an insider's view on the government system of checks and controls for contractor indirect cost management.
 
     
  IRS Publication 538: Accounting Periods and Methods This publication explains some of the rules for accounting periods and accounting methods under the Internal Revenue Code.  It also offers guidelines for obtaining permission from the IRS in regard to changing accounting methods.  For more information about tax requirements for businesses, visit the IRS Small Business Community web site. 
 
     
  Prompt Payment Interest Penalties.  Under 31 U.S.C. 3902(a), an agency acquiring goods or services from a business concern which fails to make payment by the required date shall pay an interest penalty on the balance of the payment due. The law requires the Secretary of the Treasury to establish and publish the penalty interest rate under this law.  This website posts current as well as previous penalty rates established by the Treasury under this law.
 

     

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