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Home > Financial Services > Accountants > Defense Contract Audit Agency
Defense Contract Audit Agency
On 18 June 1952, the three military services jointly issued a CAM the Contract Audit Manual. The Manual prescribed detailed policies and procedures for use in auditing procurement contracts. Because of differences between the procurement organizations and practices of the services, finalizing standard guidelines was difficult. Audits of military contracts can be traced back 60 years or more. Initially, the various branches of the military had their own contract audit function and associated instructions and accounting rulings. Uniformity was non-existent. Contractors and government personnel recognized the need for consistency in the areas of contract administration and audit.
In May 1962, Secretary, Department of Defense, Robert S. McNamara instituted Project 60 to examine the feasibility of centrally managing the field activities concerned with contract administration and audit. An outcome of this study was the decision to establish a single contract audit capability. On 8 January 1965, DCAA the Defense Contract Audit Agency was formed. Mr. William B. Petty, formerly the Deputy Comptroller of the Air Force, was selected as the Director with Mr. Edward T. Cook, formerly Director of Contract Audit for the Navy, selected as the Deputy Director.
Today, the Defense Contract Audit Agency consists of approximately 4,000 people located at more than 300 field audit offices throughout the United States, Europe, and in the Pacific. The Agency provides standardized contract audit services for the Department of Defense, as well as accounting and financial advisory services regarding contracts and subcontracts to all DoD Components responsible for procurement and contract administration. These services are provided in connection with negotiation, administration, and settlement of contracts and subcontracts. DCAA also provides contract audit services to some other Government Agencies.
DCAA provides a wide variety of products and services to contracting officers such as Price Proposals, Pre award Surveys, Forward Pricing Labor & Overhead Rates, Incurred Costs/Annual Overhead Rates, Cost Accounting Standards Compliance & Adequacy, Claims, Financial Capability, Accounting,Truth in Negotiation Act Compliance, Estimating, Electronic Data Processing, Compensation ,Billing, Budgeting, Material Management, Purchasing, Labor, Indirect and Other Direct Cost.
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