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.
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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 SB 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 SB 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

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

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

  • Retention of Accounting Records Financial records, supporting documents, statistical records, and all other records including electronic storage media pertinent to the Project shall be retained for a period of five (5) years after the close out of the grant. If any litigation or audit is initiated, or claim made, before the expiration of the five-year period, the records shall be retained until the litigation, audit, or claim has been resolved.

  • Accounting Controls The Company and its Subsidiaries maintain systems of “internal control over financial reporting” (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (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 the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company’s auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company’s management and that have adversely affected or are reasonably likely to adversely affect the Company’ ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company’s management, whether or not material, that involves management or other employees who have a significant role in the Company’s internal controls over financial reporting.

  • SIGNIFICANT ACCOUNTING POLICIES The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2019, except the changes in accounting policies as follows.

  • Financial Records 26.1.1 CONTRACTOR shall prepare and maintain accurate and complete financial records. Financial records shall be retained by CONTRACTOR for a minimum of five (5) years from the date of final payment under this Contract, or until all pending COUNTY, State, and federal audits are completed, whichever is later.

  • Accounting Procedures 7.3.1. Principal and Interest Computation.......................... 7.3.2.

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