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Firm Fixed Price Contract Audit Exposure

Fixed price awards don’t require cost accounting, you say? Every so often, we'll hear  government contractors provide us with words of wisdom to the effect, “We don’t need cost accounting software; all of our government business is firm fixed price. So we’re not subject to audits.”

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SF 1408 - Adequacy Checklist

The back page of the Standard Form 1408 features the evaluation checklist that DCAA auditors use to determine the "adequacy" of a contractor's accounting system.  This form is used primarily when a flexibly priced contract (Cost Plus, Time and Materials) is in a preaward stage, and therefore a survey of your accounting...

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