The Defense Contract Audit Agency has issued several memos to its auditors. The new guidelines address Form 1 letters to suspend or disapprove costs, time and material and labor hour contracts, maintaining pension records, changes to OMB Circular 133, supporting cost realism analyses, credits due to insurance settlement agreements and other issues. Since the guidance is both numerous and in some cases quite significant, we will discuss these and other new guidelines recently issued in greater depth in the next issue of the GCA DIGEST rather than attempt to summarize them here.
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