McNew & Associates, Inc. Blog


FAR 4.7 – Contractor Records Retention

FAR 4.7 states “Contractors shall make available records, which includes books, documents, accounting procedures and practices, and other data, regardless of type and regardless of whether such items are in written form, in the form computer data, or in any other form, and other supporting evidence to satisfy contract negotiation, administration, and audit requirements of the contracting agencies and the Comptroller General for (1) 3 years after final payment or(2)  as specified by the contract.

FAR 4.703(c) states that original records need not be maintained or produced in an audit if the contractor or subcontractor provides photographic or electronic images of the original records and meets the following requirements: 

  1. Procedures have been established to ensure that the imaging process preserves accurate images of the original records, including signatures and other written or graphic images, and that the imaging process is reliable and secure so as to maintain the integrity of the records.
  2. An effective indexing system to permit timely and convenient access to the imaged records is maintained.
  3. The original records are maintained for a minimum of one year after imaging.

DCAA may be requested to audit these processes & procedures by the contracting officer.

*FAC 2005-17 June 14, 2007. Subpart 4.7-Contractor Records Retention, 4.7-1

McNew & Associates, Inc.

No Stress…Just Responsibility

719-685-7897

www.mcnewassociates.com

Email:  mcnewassoc@mcnewassociates.com


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