Government Procurement Certification Audit & Accountability 2

Question 1

Under FAR Part 42, which agency is primarily responsible for conducting contract audits for defense contractors?

Accepted Answer

Defense Contract Audit Agency (DCAA)

Answer

The DCAA is responsible for auditing defense contractor accounting systems and costs under FAR Part 42.

Question 2

What is a 'forward pricing rate agreement' (FPRA) used for in government contracting?

Accepted Answer

Establishing agreed-upon indirect cost rates for pricing future proposals

Answer

An FPRA establishes agreed indirect cost rates between the contractor and government for use in pricing future proposals.

Question 3

Which audit type examines whether a contractor's accounting system is capable of accurately tracking costs by contract?

Accepted Answer

Accounting system audit

Answer

An accounting system audit evaluates whether the contractor's system can adequately segregate and track costs by contract.

Question 4

What is the statute of limitations for the government to assert a claim against a contractor under the Contract Disputes Act (CDA)?

Accepted Answer

6 years from the date the claim accrues

Answer

Under the CDA, both the government and contractor have 6 years from when the claim accrues to assert a claim.

Question 5

A contractor submits an incurred cost submission (ICS) that is found to be inadequate. What is the consequence?

Accepted Answer

The government may withhold payments until adequate submission is received

Answer

If an ICS is found inadequate, the government may withhold a percentage of payments until the contractor submits an adequate ICS.

Government Procurement Certification Practice Test