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42.603 Responsibilities.

42.603 Responsibilities.

  1. (a) The CACO shall perform, on a corporate-wide basis, the contract administration functions as designated by the responsible agency. Typical CACO functions include-

    1. (1) The determination of final indirect cost rates for cost-reimbursement contracts;

    2. (2) Establishment of advance agreements or recommendations on corporate/ home office expense allocations; and

    3. (3) Administration of Cost Accounting Standards (CAS) applicable to corporate-level and corporate-directed accounting practices.

  2. (b) The CACO shall-

    1. (1) Fully utilize the responsible contract audit agency financial and advisory accounting services, including-

      1. (i) Advice regarding the acceptability of corporate-wide policies; and

      2. (ii) Advisory audit reports;

    2. (2) Keep cognizant ACO’s and auditors informed of important matters under consideration and determinations made; and

    3. (3) Solicit their advice and participation as appropriate.