Incurred Cost Submissions

Federal contractors performing Cost Reimbursement or Time & Material contracts (i.e., “flexibly priced contracts”) are required to submit an Incurred Cost Submission (“ICS”) on an annual basis.


Preparing an ICS package can be tedious and time consuming.  However, it is critical for companies to complete their ICS accurately and file it in a timely manner.


Late submissions can impact profitability and cash-flow (e.g., delays invoicing, contract close-outs, the release of fee withholds, etc.).  An inaccurate ICS can result in contractors over/under billing the Government, exceeding funding limits, as well as allegations of CAS or FAR non-compliances.


Victura Consulting has developed a streamlined process to assist our clients with their ICS.  Our assistance can range from high-level advisory services to outsourcing the preparation of the ICS package.

Why Choose Victura as a Strategic Partner?

Our Experience

– Assisted clients to prepare and submit >50 ICS.

– Involvement ranges from outsourcing to performing quality assurance reviews.

– Successfully assisted clients revise their inadequate ICS packages and resubmit.

– Supported clients during audits (e.g., DCAA, OIG, etc.) 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.

Our Approach

– 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.


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