Adequate Accounting System Sample Clauses

Adequate Accounting System. An Offeror’s accounting system shall be evaluated for adequacy in determining costs applicable to the contract. If necessary, the Contracting Officer may request support from the Defense Contract Audit Agency (DCAA) in accordance with FAR 15.4 and the applicable cost principles in FAR Part 31.
Sample 1Sample 2
AutoNDA by SimpleDocs
Adequate Accounting System. An adequate accounting system is a system that is approved by the HCaTS CO, in consultation with the Defense Contract Audit Agency (DCAA) or a Cognizant Federal Agency (CFA) other than DCAA and provides for the proper segregation, identification, accumulation, and allocation of direct and indirect costs for government procurements. An adequate accounting system is optional. The Contractor shall notify the HCaTS CO and designated OCO(s) for affected task orders, in writing, if there are any changes in the status of its adequate accounting system and provide the reason(s) for the change and copies of audit reports, as applicable. Only those Contractors that maintain an adequate accounting system, as approved by the HCaTS CO, shall be eligible for cost reimbursable task order awards.
Sample 1
Adequate Accounting System. In accordance with FAR 16.301-3(a), Cost reimbursement contracts may be used only when the contractor’s accounting system is adequate for accumulating and billing costs applicable to the contract. Offerors are required to submit with their proposal evidence that their accounting system is adequate for determining costs applicable to a cost reimbursement contract and adequate for segregating costs for change order accounting. An Offeror's accounting system shall be deemed adequate prior to award. Offerors shall provide the date the Government deemed its accounting system adequate and name the Federal Government agency that provided the audit. Offerors shall also submit a copy of the audit report with their proposal. Offerors who have an adequate accounting system, but do not have a DCMA/DCAA audit report to submit as verification of adequacy, shall complete the “Pre-award Survey of Prospective Contractor Accounting System Checklist”, attached to this solicitation at Section J, to document how the accounting system is designed to meet the SF 1408 criteria. The Contracting Officer will request a DCAA audit of your accounting system and provide the checklist to DCAA when the audit is requested. The preaward accounting system survey is an examination of a contractor's accounting system to reach an informed opinion as to whether or not the design of the prospective accounting system is adequate for accumulating and segregating costs under a cost reimbursable contract. Accounting System compliance will be conducted as part of the responsibility determination prior to award for only the apparent awardee's proposal. If the Contracting Officer and DCAA are unable to deem the Offerors accounting system as adequate at time of award, their proposal will be determined non-responsive and non-responsible and will not be eligible for award.
Sample 1
Adequate Accounting System. Offerors shall identify the cognizant Defense Contract Audit Agency (DCAA) and Defense Contract Management Agency (DCMA) field offices that have oversight to the Offeror’s organization. Provide information concerning the adequacy of your accounting system pertaining to accumulation of costs for the cost reimbursable CLINS. If DCAA has already determined the Offeror’s accounting system adequate, the Offeror shall provide the referenced DCAA audit report number and report date. In addition, provide the most recent review date of your estimating system and identify any deficiencies identified by DCAA and the resolution of the deficiencies. If an Offeror has never dealt with DCAA, Offerors shall review the website at xxx.xxxx.xxx and identify the cognizant DCAA office. Offerors shall also provide any information that pertains to a recent DCMA or DCAA financial capability assessment. Offerors shall provide evidence of indirect rates and factors used in the price schedule have been audited/approved by DCAA.
Sample 1
Adequate Accounting System. The Contractor will be responsible for having an adequate cost accounting system, and the ongoing burden of proof of adequacy for such system shall be upon the Contractor. Prior to payment of any invoices, The Department or its representatives will determine whether or not the Contractor has an adequate cost accounting system. Such determination shall be documented. In the event of a negative finding during such determining proceedings, the Department may suspend, revoke, or place conditions upon its determination, and/or may recommend or require remedial actions as appropriate.
Sample 1

Related to Adequate Accounting System

  • Accounting System Maintain a system of accounting that enables Borrowers to produce financial statements in accordance with GAAP and maintain records pertaining to the Collateral that contain information as from time to time reasonably may be requested by Agent. Borrowers also shall keep an inventory reporting system that shows all additions, sales, claims, returns, and allowances with respect to the Inventory.

  • Company’s Accounting System The Company maintains a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Portfolio Accounting Services (1) Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s investment adviser.

  • Financial Accounting Practices The Borrower shall, and shall cause each of its Subsidiaries to, make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Acceptable Accounting System The Contractor shall maintain the acceptable/approved status of their Accounting System and submit updates to the current status

  • Tax Accounting Services (1) Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for “regulated investment companies” under the Internal Revenue Code of 1986, as amended (the “Code”).

  • Accounting System Requirement The Contractor shall maintain an adequate system of accounting and internal controls that meets Generally Accepted Accounting Principles or “GAAP.”

  • Accounting Services The Manager will provide all accounting services customarily required by investment companies, in accordance with the requirements of applicable laws, rules and regulations and with the policies and practices of each Series as communicated to the Manager from time to time, including, but not limited to, the following:

  • Critical Accounting Policies The section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Time of Sale Prospectus and the Prospectus accurately and fairly describes (i) the accounting policies that the Company believes are the most important in the portrayal of the Company’s financial condition and results of operations and that require management’s most difficult subjective or complex judgment; (ii) the material judgments and uncertainties affecting the application of critical accounting policies and estimates; (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; (iv) all material trends, demands, commitments and events known to the Company, and uncertainties, and the potential effects thereof, that the Company believes would materially affect its liquidity and are reasonably likely to occur; and (v) all off-balance sheet commitments and arrangements of the Company and its Controlled Entities, if any. The Company’s directors and management have reviewed and agreed with the selection, application and disclosure of the Company’s critical accounting policies as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and have consulted with its independent accountants with regards to such disclosure.

  • Tax Accounting Practices The Tax Return shall be prepared consistently with past Tax accounting practices to the extent permissible under applicable Tax Law.

Time is Money Join Law Insider Premium to draft better contracts faster.