Transparency and Accountability in Security Contracting Act - Directs that each "covered contract" (i.e., a contract entered into by the Government with a private security contractor, or a task order issued under the contract) require contractors to provide the appropriate Government contracting officer with information at the time the contract is awarded and to update the information during contract performance regarding: (1) the number of persons being used by the contractor and subcontractors; (2) how such persons are trained; (3) their salaries and benefits; and (4) a description of each category of activity required by the covered contract.
Directs that the contractor provide, before: (1) award of the contract, cost estimates of salary, insurance, materials, logistics, travel, administrative costs, and other costs of carrying out the contract; and (2) closeout of the contract, a report on the actual costs.
Sets forth provisions regarding casualty reporting, oversight, waiver authority (in an emergency or exceptional situation), and revision of the Federal Acquisition Regulation.
Directs the Secretary of Defense to: (1) prescribe minimum standards for the persons that private security contractors may hire for the performance of any covered contract; (2) perform a cost and effectiveness analysis, before a Federal agency enters into such a contract, for every category of potential activity that may be carried out by the private security contractor under the contract; and (3) ensure that the overall military mission would not be significantly affected if the contractor personnel refused to perform work as required under the contract.