SIGNIFICANT GUIDANCE ISSUED BY DCAA IN LAST YEAR: Eliminates “Quick-Closeouts” for T&M
Eliminates “Quick-Closeouts” for T&M and Labor Hour Contracts
Effective immediately, DCAA has decided to discontinue the Time & Material and Labor Hour Contract Closeout Initiative it began in 2005. The closeout initiative was established to allow for the closeout of low risk T&M and LH contracts of $1 Million or less prior to completion of the incurred cost audit. Though it did not specify why, the guidance states it was discontinuing the quick closeout practices “based upon a reassessment of the initiative and risk associated with closing T&M contracts prior to completion of the incurred cost audit” (08-PPD038(R)).
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