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On Point

SYSTEMS REVIEW

Federal Acquisitions Regulations (FAR) requires that an organization's accounting system be adequate for determining costs applicable to a government contract, grant, or other agreement. The criteria that Destiny uses to determine the adequacy of an accounting system are whether it conforms with Generally Accepted Accounting Principles (GAAP), and can properly segregate direct costs from indirect costs. Generally, we perform accounting system reviews before or after contract award. Federal regulations are used as a basis for making a determination of adequacy of a Financial Management system. After contract award, we perform accounting system reviews at the request of the government as a follow up to a pre-award survey review with findings/deficiencies, or when a pre-award survey was not conducted prior to contract award. The primary objective of the post-award accounting system review is to determine if information reported in the organization's accounting system is current, accurate, and complete for accumulating and billing costs on government contracts, grants, or agreements.