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Contractor's Accounting System must be DCAA Compliant even for Fixed Price contracts and moreover your Accounting System should be able to handle accounting for Cost Type Contracts including both Time and Materials and Cost Plus Contracts.
According to a DCAA memorandum “DCAA will no longer report inadequate in part opinions. In addition, the audit report will identify the portions of the system affected by the deficiencies and recommend that the contracting officer disapprove the system (if applicable) and pursue suspension of a percentage of progress payments or reimbursement of costs… Further, suggestions to improve the system will no longer be reported in internal control audit reports.” |