Acceptable Accounting Systems

This introductory-level workshop will review what constitutes “Acceptable Accounting Systems,” with focus on what a firm needs to ensure in its accounting activities in order to comply with government contracting requirements. 

We will start with DFARS 252.242-7006(a)(1) which defines an acceptable accounting system as:

“a system that complies with the system to provide reasonable assurance that—
(i) Applicable laws and regulations are complied with;
(ii) The accounting system and cost data are reliable;
(iii) Risk of misallocations and mischarges are minimized; and
(iv) Contract allocations and charges are consistent with billing procedures.”

We will end with recommendations for discussion with various interested parties.