Tempus Applied Solutions Holdings Inc fka TMPS

[bob4uall]

Recent news about TMPS' accountants-- Not sure what to make of it.

Knowing almost nothing about procuring a government contract doesn't help me either.

From the information I have found below, perhaps the accountant news is good in that TMPS may be clearing the decks such that their present accounting system will be compliant. On the other hand, it seems to me that this step was overdue and argues against an award to TMPS very soon. That said, perhaps the need for notification was realized as a late step in the process and the clearing up of this matter points to something happening very soon. I have no idea which alternative is more correct.

My uninformed guess is that resolution of issues such as who are the accountants and will the books be GAAP compliant is a good thing, possibly a very good thing.

Pre-Award Basics

Before you can even make a bid, you’ll have to justify your accounting system as DCAA compliant. In order to do that, you’ll complete the Preaward Survey (SF 1408 Criteria) form.

For this survey, you’ll need to prepare a narrative of your existing accounting systems and explain any deficiencies. Then you’ll complete the checklist in the second section. In addition to following Generally Accepted Accounting Principles (GAAP), maintaining adequate and reliable data in record keeping and providing support for requests for progress payment, the checklist includes several more requirements. The bad news is that it seems lengthy; the good news is that once you've met all of the requirements, the rest is a breeze.