Significant Proposed Changes to DFARS Business System Monitoring Requirements
On July 15, 2014, the Department of Defense (“DoD”) issued a proposed rule to amend the Defense Federal Acquisition Regulation Supplement (DFARS) on government contractor business system requirements. The comment period for the proposed change ended on September 15, 2014. The proposed rule requires that contractors begin annual self-evaluations and reporting on their accounting system, material management and accounting system (MMAS), and estimating system, for those contractors required to maintain approved systems in accordance with the DFARS business system requirements. In addition, a Certified Public Accountant (CPA) audit is required to be performed by an independent firm of the contractor’s. Read More.
Topics: Accounting Systems, Audit, Defense Contract Management Agency "DCMA", Defense Federal Acquisition Regulation Supplement "DFARS", Department of Defense "DoD", Earned Value Management System "EVMA", Estimating Systems, Government Contractors, Material Management and Accounting System "MMAS", Property Management System Evaluations, Purchasing Systems