Structured Note
( ) is used for examinations of non-cost related subject matter, such as business systems, compliance with the CAS, etc.
A. Explanatory Notes
B. SOCAR
A. All major contracts
B. All contracts
C. All non-major contracts
A
Any new contract award valued at ( ) or more that does not meet one of the exemptions.
$7.5M
DFARS- part 1 ( ), part 2 ( ), part 3( ), part 4 ( )
A. Billing system
B. Overarching controls
C. Direct and indirect cost accounting
D. General accounting
B-D-C-A
There are ( ) parts to an Explanatory Note
5
The extent of audit work to complete each MAAR must be adjusted to reflect appropriate considerations. Which one is not a consideration?
A. Amount of costs
B. Results of prior audits
C. Adequacy of internal controls
D. Size of the contractor
D
What is the threshold of every year mandatory audit?
$1B or more
A. DFARS 253.252-7006
B. DFARS 252.242-7006
C. DFARS 252.253-6004
D. DFARS 253.252-6004
B
Summary of Conclusions-( )-Audit Evaluation-( )-Auditor's Response
Basis of contractor's costs, Contractor's reaction
Which two MAARs are performed Real Time?
A. MAAR 6- Labor floor checks or interviews
B. MAAR 3- Perm file update
C. MAAR 13- Purchases Existence and Consumption
D. MAAR 19- Indirect rate computation
A, C
High Risk Category is ">$500". What is Low Risk Category range?
<$100
Who is responsible for approving business systems?
A. ACO
B. SUPERVISOR
C. PCO
A
Provides a description of the nature and extent of audit procedures.
A. Summary
B. Basis of costs
C. Audit evaluation
D. Auditor's reaction
C
Which MAARs are performed during the Reconciliation phase? (choose 2)
A. MAAR 2- Contract costs to accounting records
B. MAAR 5- Identify income/credits
C. MAAR 10- Adjusting Entries
D. MAAR 9- Labor distribution to payroll
A, D
Which one is not the system requirements for DCAA according to DFARS?
A. Accounting System
B. Cost Estimating System
C. Material Management and Accounting System
D. Purchasing System
D (DCMA)
A contractor provides detailed system description narrative to DCAA ( ) prior to walkthroughs.
A. 1 week
B. 2 week
C. 3 week
D. 4 week
B