Audits of for-profit participants.

§ 603.640 Audits of for-profit participants. If the TIA is an expenditure-based award, the contracting officer must include in it an audit provision that addresses, for each for-profit participant: (a) Whether the for-profit participant must have periodic audits, in addition to any award-specific audits, as described in § 603.645; (b) Whether the Defense Contract Audit Agency (DCAA) or an independent public accountant (IPA) will perform required audits, as discussed in § 603.650; (c) How frequently any periodic audits are to be performed, addressed in § 603.655; and (d) Other matters described in § 603.660, such as audit coverage, allowability of audit costs, auditing standards, and remedies for noncompliance.