§ 542.7101 - General.

The Assistant Inspector General—Auditing and the Field Audit Offices audit contractors’ records when required by law, regulation, or sound business judgment. These audits include periodic or special request audits of contractors determined to be necessary because of such matters as the financial condition, integrity, and reliability of the contractor and prior audit experience, adequacy of the accounting system, and the amount of unaudited claims. So that the Government can benefit to the maximum extent from these audits, a coordinated and cooperative effort must be made by contracting officers, technical specialists, and finance and audit personnel.