§ 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.

[48 FR 42370, Sept. 19, 1983, as amended at 63 FR 9064, Feb. 23, 1998]