Under the new standard, the independent auditor may prepare an audited entity's indirect cost proposal or cost allocation plan, provided that management has taken responsibility for all significant assumptions and data.
What does ICP stand for?
ICP stands for Indirect Cost Proposal
This definition appears very rarely and is found in the following Acronym Finder categories:
- Military and Government
- Organizations, NGOs, schools, universities, etc.
- Business, finance, etc.
See other definitions of ICP
We have 668 other meanings of ICP in our Acronym Attic
- Incident Control Point (crisis management)
- Inclusive Communities Project (Dallas, TX)
- Inclusive Curriculum Project (UK)
- Incremental Change Package
- Independent Competent Person (assessment service; UK)
- Independent Complaints Panel (UK)
- Independent Content Provider (web)
- Independent Contract Paralegal
- Indicator Control Panel
- Indigenous Cadetship Program (Australia)
- Individual Care Plan (health care)
- Indonesia Crude Price
- Inductive Coupled Plasma (less common)
- Inductively Coupled Plasma
- Industrial Ceramic Products (Marysville, OH)
- Industrial Computer Products (various locations)
- Industrial Control Panel
- Infection Control and Prevention
- Infection Control Personnel
- Infection Control Practitioner (healthcare)
Samples in periodicals archive:
The GAO proposal would also prohibit the auditor from preparing an indirect cost proposal or cost allocation plan when indirect costs recovered by the audited entity are material to the financial statements or subject matter of the audit.
The federal agencies were concerned that the perception of auditor independence was impaired when the auditor that performed the A-133 audit also prepared the indirect cost proposal," said Conley.