Restoring public confidence in government contractors
Article Abstract:
Government contractors must implement strong internal controls in order to create an atmosphere of trust between themselves and the public. They are essential to the reliability of historical data, records maintained for cost reimbursement, and the safeguarding of the contractor's resources. An effective working relationship between the contractor and the Defense Contract Audit Agency (DCAA), whose function it is to perform contract audits, is important but disagreements may be expected in any relationship in which an external auditor is employed. To perform work for the government successfully, contractors should: be familiar with applicable rules and laws before making a proposal; make employees familiar with rules and laws relevant to the work they do; not sign a contract for which requirements cannot be met; and cooperate with government personnel who are responsible for seeing that requirements are met.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1986
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Information please
Article Abstract:
Part of inventory management and control is accounting for inventory shortages. A survey of 1,000 plant managers found that the biggest causes of inventory losses and gains are misreported production counts and unreported scrap. Inaccurate cost standards, substituted material, misreported scrap, and unrecorded engineering changes are other causes of inventory losses and gains. The survey found that 43% of the plant managers build a 'cushion' into the system to offset anticipated losses. Survey results indicate that managers can identify manufacturing processes likely to incur scrap, and encourage supervisors to maintain accurate records. The use of standardized costs might be a possible approach to obtaining accurate counts of inventory transactions.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1988
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Coordinated audits
Article Abstract:
A coordinated audit provides a valuable opportunity to enhance overall audit efficiency, reduce audit expenses and improve adherence with audit standards. The coordinated audit process is typically instigated with the approval of the company being audited and permits internal and outside auditors to share out audit responsibilities to avoid duplication of procedures. Coordinated audits can be undertaken in a variety of situations ranging from simple audit tasks such as personnel interviews to more complex procedures such as cost allocation and inventory control systems.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1992
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