42.603 Responsibilities.
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(a) The CACO shall perform, on a corporate-wide basis, the contract administration functions as designated by the responsible agency. Typical CACO functions include-
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(1) The determination of final indirect cost rates for cost-reimbursement contracts;
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(2) Establishment of advance agreements or recommendations on corporate/ home office expense allocations; and
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(3) Administration of Cost Accounting Standards (CAS) applicable to corporate-level and corporate-directed accounting practices.
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(b) The CACO shall-
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(1) Fully utilize the responsible contract audit agency financial and advisory accounting services, including-
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(i) Advice regarding the acceptability of corporate-wide policies; and
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(ii) Advisory audit reports;
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(2) Keep cognizant ACO’s and auditors informed of important matters under consideration and determinations made; and
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(3) Solicit their advice and participation as appropriate.
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