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 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 to perform contract functions; (2) training of personnel; and (3) categories of activity required by the contract.
Directs the contractor to provide: (1) pre-contract cost estimates of salary, insurance, materials, logistics, travel, administrative costs, and other contract costs; (2) before contract closeout, a report on the actual costs; and (3) casualty information.
Sets forth oversight and emergency waiver authority provisions.
Directs the Secretary of Defense (DOD), the Secretary of State, and the Administrator for the United States Agency for International Development (USAID) with respect to such contracts to: (1) prescribe minimum hiring standards, including criminal activity or security clearance information requirements, and (2) issue equipment guidance.