The importance of cost accounting plays a major role in our society, setting the retail prices of merchandise and goods used by the consumer. Billions of dollars are spent each year on goods and services that the average consumer heavily relies on. It is therefore good morality 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 earned per individual, the costs of available products must be fair and not subject to dramatic exponential increases or decreases. Thus, the creation of a committee that determines a fixed price for all consumer goods and develops a set of concrete standards that must be legally followed by large companies and businesses down to individuals. Recognizing the value of regulating cost accounting, a board to do just that was formed, the Cost Accounting Standards Board (CASB). The CASB consists of five members, who are: a representative from the Department of Defense (DOD), an officer from the General Service Administration (GSA), two individuals from the private sector, one from industry and one from industry. the other an expert on the subject, and the “President”, the Administrator of the Office of Federal Public Procurement Policy (OFPP). "The OFPP Administrator serves as Chairman of the Cost Accounting Standards Board (CASB), an independent board that has the exclusive authority to establish standards for use by contractors and subcontractors to ensure uniformity and consistency in the measurement, allocation and allocation of costs to public procurement CASB cost accounting standards are promulgated in the form of regulations The OFPP provides staff support to the CASB. , with the exception of the president, serve a term of four years. The DOD representative and GSA officer may be appointed to additional terms. Both are subject to termination if they are no longer employed within their distinguished agencies. Vacancies are inevitable, DOD and GSA seats are filled no differently than those appointed before them. "A vacancy on the Council 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 Council shall serve for the remainder of the term. of the mandate for which his predecessor was appointed.