Responsibilities.

Federal Acquisition Regulations System 1 2023-10-01 2023-10-01 false Responsibilities. 42.603 Section 42.603 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACT MANAGEMENT CONTRACT ADMINISTRATION AND AUDIT SERVICES Corporate Administrative Contracting Officer 42.603 Responsibilities. (a) The CACO shall perform, on a corporate-wide basis, the contract administration functions as designated by the responsible agency. Typical CACO functions include (1) the determination of final indirect cost rates for cost-reimbursement contracts, (2) establishment of advance agreements or recommendations on corporate/home office expense allocations, and (3) administration of Cost Accounting Standards (CAS) applicable to corporate-level and corporate-directed accounting practices. (b) The CACO shall— (1) Fully utilize the responsible contract audit agency financial and advisory accounting services, including (i) advice regarding the acceptability of corporate-wide policies and (ii) advisory audit reports; (2) Keep cognizant ACO's and auditors informed of important matters under consideration and determinations made; and (3) Solicit their advice and participation as appropriate. [48 FR 42370, Sept. 19, 1983, as amended at 63 FR 9064, Feb. 23, 1998]