The importance of cost accounting plays an important role in our society, setting retail prices for goods and goods used by the consumer. Billions of dollars are spent every year on goods and services that the average consumer can rely on heavily, so it is only in good moral standing to regulate and limit the amount paid for such materials. In many countries, including the United States, income levels vary from person to person. Regardless of the amount of money each individual earns, costs for available products should be fair and not subject to dramatic increases or exponential decreases. Therefore, the creation of a committee that determines a fixed price for all consumer goods and defines a set of concrete standards that must be legally followed by large corporations and businesses towards the individual. Realizing the usefulness of cost accounting regulation, a board was formed to do just that, the Cost Accounting Standards Board (CASB) was founded. The CASB consists of five members, which are as follows; a Representative from the Department of Defense (DOD), an Official from the General Service Administration (GSA), two individuals from the private sector, one from industry and the other an expert in the field, and the "President", the Administrator of the Office for Federal Procurement Policy (OFPP). “The OFPP Administrator serves as chair of the Cost Accounting Standards Board (CASB), an independent committee that has sole authority to establish standards for use by contractors and subcontractors to achieve uniformity and consistency in the measurement, allocation, and allocation of costs in government contracts . CASB cost accounting standards are promulgated as regulations. OFPP provides support to CASB staff. “All members of the CASB, except the president, serve four-year terms. The DOD representative and GSA official may be appointed for additional terms. Both are subject to termination if they are no longer employed at their separate agencies. Vacancies are inevitable, DOD and GSA seats are filled no different than the appointees before them. “A vacancy on the Board shall be filled in the same manner as the original appointment was made. A member may be reappointed for one or more subsequent terms. Any member appointed to fill an interim vacancy on the Board shall serve for the remainder of the term of the mandate for which his predecessor was appointed.