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42.603 Responsibilities.

42.603 Responsibilities.

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

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

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

      (b) The CACO shall-

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

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

                (ii) Advisory audit reports;

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

           (3) Solicit their advice and participation as appropriate.