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Incurred Cost Submission: Everything You Need to Know

If a contractor has received a contract containing the Allowable Cost and Payment clause (FAR 52.216-7), the clause requires preparation of an Indirect Cost Rate Proposal (ICRP).  The clause is applicable to all cost-type contracts.  The proposal also goes by the following industry names “Incurred Cost Proposal” (ICP) and “Incurred Cost Submission” (ICS).  The proposal …

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What Will DCAA Audit & When?

The Defense Contract Audit Agency (DCAA) maintains multiple audit programs to monitor and verify government contractor compliance.  DCAA audit programs may occur before, after, or during contract performance through Preaward Audits, Postaward Audits, and Contractor Business System Audits. DCAA is chartered with identifying and evaluating all activities that contribute to or impact proposed or incurred …

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How to Prepare and Submit an Incurred Cost Proposal

For an introduction to incurred cost proposals, please read What is an Incurred Cost Proposal? There are six main steps to an incurred cost proposal: Gather input data from contractor accounting system, and project files Input data into the rate model Ensure reconciliation of the model to cost data Analyze resulting over/under billings by contract …

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