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HOME
:: RESOURCES ::
CONTRACT
MANAGEMENT ::
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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.
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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.
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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.
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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.
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Defense
Contract Audit Agency: Information for Contractors. Provides
basic groundwork to assist contractors in understanding the government's
auditing process.
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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.
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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.
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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.
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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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