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091128 1 (1971-01-01)

handle is hein.gao/gaobacuee0001 and id is 1 raw text is: MILTON H. HARVEY . A provision of the Armed Services Procurement Act, as revised in 1956, (10 U.S.C. 2313(b)), sets torth that; * * * each contract negoilated under hIs chapter shall provido that the Comptroller Central and his representatives are entitled, until the expiration of three years after final payment, to examine any books, documents, papers, or records of the contractor, or any of h!s subcontractors, that disectly pertain to, and Involve transactions relating to, the con* tract or subcontract. 'lie approach taken in making this review was to gather information on the characteristics of cost records main. tained by defense contractors and evaluate their usefulness for specific purpose. 11 cost accounting records of 45 contractors were examined. 'I'ho selection included large, medium, and smaU contractors engaged in both Gov. ernment and commercial work on a wide variety of products, Of these con. tractors, 18 hai, total annual sales of more than $50 million; 14 had annual sales ranging between $15 million and $50 million; and 13 hid annual sales of less than $15 million. Efforts were directed toward ascer taining whether contractor cost ac. counting records and the records used to support price proposals for negoti. ated coutracts were generally ade. quate; in particular, the purpose of the study was to find out; -Whether the accounting system provided sufficient data to deter. mine the cost of performing given contracts. Mr. Harvey is an assistant regional mcnager in the Philadelphia Regional Office. Ile has been with GA0 since 1957. le Is a CPA (Pennsylvania and Nw Jersey) and a member of the American Jnatitutd of CPAs, the Pennsylvania Institute of CPAs, the Nitilaal Associatior of Accountants, and the Federal Government Accountants Association. 17 II Adequacy of 6q I I Contractors' Cost Records GAO's study of the /easibility oJ establishing and applying cost accounting standards in she negotiation and administration oJ defense contracts, as required by Public Law 90-370, was described in the GAO Review, Spring 1970. In connection ;viih this study, 15 GAO regional offices made a special inquiry inro the nature and extent oj cost accounting systems and related records maintained by selected contractors, S . I

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