Incurred Cost Submissions
In accordance with the “Allowable Cost and Payment” clause (FAR 52.216-7), companies performing Cost Reimbursement or Time & Material Federal contracts (“flexibly priced contracts”) are required to submit an Incurred Cost Submission (“ICS”) on an annual basis. This process can be tedious and time consuming. However, it is critical that contractors complete their ICS accurately and file it in a timely manner.
Late submissions can delay invoice submission, contract close‐outs, and the release of fee withholds. Inaccurate ICS can result in over/under billings, contracts in excess of funding limits, as well as allegations of CAS or FAR non‐compliances.
Victura Consulting advises clients through the ICS process. Based on our experience, we have developed streamlined process to assist our clients with their ICS. Our assistance can range from high‐level advisory services, to outsourcing of the ICS preparation.
Why Choose Victura as a Strategic Partner?
– Assisted clients to prepare and submit >115 ICS (since 2007).
– Involvement ranges from outsourcing to performing quality assurance reviews.
– Successfully assisted clients revise their inadequate ICS packages and resubmit.
– Supported clients during DCAA and OIG audits of their ICS.
Our Insight & Guidiance
– Detailed understanding of Government auditors’ focus areas & review process.
– Understand the common pitfalls, errors, and misinterpretation of ICS Schedules.
– Monitor regulatory changes that impact ICS submissions and cost recovery.
– Provide practical, impactful & proven strategies to reduce compliance risk.
– Developed proven tools, checklists, and quality assurance techniques to reduce errors and omissions.
– We have developed a streamlined process consisting of four distinct phases:
– We can assist clients through any or all of these phases. Our assistance can range from high‐level advisory services, to outsourcing of the ICS preparation. Contact us for further details regarding the specific services offered for each ICS phase.