South Carolina § 11-35-2020 Approval of accounting system.

South Carolina Statutes

§ 11-35-2020 — Approval of accounting system.

South Carolina·Title 11 PUBLIC FINANCE·Ch. 35 SOUTH CAROLINA CONSOLIDATED PROCUREMENT CODE

The chief procurement officer, the head of a purchasing agency, or a designee of either officer may require that:

(1)the proposed contractor's accounting system shall permit timely development of all necessary cost data in the form required by the specific contract type contemplated;

(2)the proposed contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles.

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The chief procurement officer, the head of a purchasing agency, or a designee of either officer may require that: (1) the proposed contractor's accounting system shall permit timely development of all necessary cost data in the form required by the specific contract type contemplated; (2) the proposed contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles.

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