...and I took our time in determining what we could afford, the ideal neighborhood, and what features we needed and wanted in our first home. With the proper preparation, careful choice of a real estate agent, and prudent use of other qualified professionals, buying our first home was a positive experience. To be able to help us find a home that met our budget and needs, we knew a good real estate agent would be familiar with the local market conditions and prices. We wanted an agent that would help us in every step of the way, from drafting a written offer, to negotiating with the seller on price and other key terms, to coordinating the escrow process and house closing. After being recommended to a reputable agent, a Buyer Agency Contract was signed. This contract created legal "fiduciary" responsibilities between us, the buyer, and the agent. These responsibilities included: full disclosure of useful information, accounting and confidentiality on all matters, obedience to buyer's needs, negotiating the best price for the buyer, reasonable care to buyer's needs, and loyalty between the agent and the buyer. Not only did our real estate agent do this and more, but the best thing about working with an agent was that it didn’t...
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...Contract of agency is whereby a person is bound by the principal to act, represent or speak for him in front of the third party and make decisions on behalf of the principal. A principal may hire an agent who will act as a principal and will be solely responsible for the decision he makes on the name of the principal (Mckendrick 2012,p. 5). There are three types of authority but an agency made with an agreement is an implied authority. Contract of agency can be helpful for big business official as they cannot be available anywhere, anytime. The relationship with an agency can be terminated if the parties feel that the relationship is not going in a beneficial manner. There are various factors which can influence and terminate contract of agency it depends on the legal contract and various clauses they have signed during the agreement. According to Scottish law if the contract which has been set up for indefinite time the notice for termination of agency to be given for first year should be 1 month for second year two months and for third year 3 months prior before the termination by any of agent or the principal. There are different ways in which contract of agency can be terminated 1)Act of parties 2)Operation of law 3)By agreement. Under act of parties there can be few scenario's one is revocation by principal in which the principal no longer wants the agent to work or act for his business or premises this situation can be handled by giving a notice to an agent and the notice...
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...trust in the accounting profession was shaken with several large scandals such as Enron and WorldCom, and they are still working toward repairing the damage. Investors lost faith and hesitated to invest money, which can hurt the economy. In answer to this developing crisis of faith, President Bush signed the Sarbanes-Oxley Act of 2002 (SOX) (U.S. Securities and Exchange Commission, 2010). This act has far reaching effects on every aspect of the accounting and business world. It placed into effect guidelines and repercussions in accounting to help prevent future fraud. Those standards that were already in place, adapted to SOX and changed to meet the more stringent requirements. One such example is Defense Contract Audit Agency (DCAA) standards. Like all agencies, DCAA had to adapt to the new requirements of SOX, but the changes needed to first be defined. Sarbanes-Oxley Act of 2002 Sarbanes-Oxley Act of 2002 (SOX), not only provides guidelines for the accounting industry but also a means of enforcement. These laws and regulations apply to all publicly traded companies. The purpose of SOX is to create a universal standard that can be upheld in order to increase the confidence the public has in financial statements. The act is broken down into 11 sections, of which there are six main areas....
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...Exchanges With Industry Before Receipt of Proposals (4-4) Part 15 of the Federal Acquisition Regulations (FAR) “prescribes [the] policies and procedures governing competitive and noncompetitive negotiated acquisitions.” One component of negotiated acquisitions that occurs early in the acquisition process is the solicitation of proposals. FAR 15.201, titled, “Exchanges with Industry before Receipt of Proposals,” regulates the type and manner of communications, also sometimes referred to as exchanges, which can – and cannot – take place between the Government and potential suppliers prior to the receipt of a potential supplier’s proposal and the subsequent award of a contract. This paper will address a few of the various types and formats of exchanges that might occur between the Government and potential suppliers prior to the Government’s receipt of proposals, and the manner in which some of these exchanges are to occur; some of the legal, regulatory, and logistical considerations that a Program Manager, Contracting Officer, or other Government participant in the acquisition process might need to be mindful of when conducting discussions; and the diligence and care that must be utilized by the Government team members when conducting exchanges with potential suppliers before the receipt of proposals in order to avoid issues that may arise later in the procurement process. Exchanges of information can take place either before, after, or both before and after the official...
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...| CON 090FAR Fundamentals Module 1 Student Guide | 7 January 2013 | This page intentionally left blank. Table of Contents CON 090 Course Syllabus 3 CON 090 SCHEDULE Error! Bookmark not defined. Course Design – How CON 090 “Works” 3 Module 1 – Using the FAR and DFARS 3 Module 1 Schedule 3 Module 1 Homework 3 Introduction 3 Learning Objectives 3 FAR Basics .17 Organization & Arrangement of the FAR 25 FAR Research Exercise 33 DFARS Basics 35 FAR/DFARS Research Exercise 39 Deviations from the FAR and DFARS 41 FAR/DFARS/Class Deviations Research Exercise 43 Reading the FAR 45 FAR Reading Exercise 51 Interpreting the FAR 53 FAR Interpretation Exercise 55 Putting It All Together 57 Applying the Regulations .59 Appendix 63 This page intentionally left blank. CON 090 Course Syllabus A. Course Title: Federal Acquisition Regulation (FAR) Fundamentals B. Course Number: CON 090 C. Course Prerequisites: None D. CLPs/CEUs/Number of ACE-Recommended Credits: CLPs 141/CEUs 14.1/ 3 Graduate-Level Credits E. Course Manager: Don Mansfield, (619) 524-5474 a. Phone: (619) 524-5474 b. E-mail: donald.mansfield@dau.mil Performance Learning Director (HQ DAU): James W. Malloy, Jr. a. Phone: (703) 805-4365 b. E-mail: james.malloy@dau.mil F. Course Description: FAR Fundamentals (CON 090) is a resident Defense Acquisition Workforce Improvement Act (DAWIA) Level I contracting course for newly hired...
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...the different approaches to contract financing can impact the company. Contracting Officers provide financing only to the extent needed for prompt and efficient performance, considering the availability of private financing and the impact of predelivery expenditures and product lead times on working capital. There are varieties of available methods: (1) progress payments, (2) advance payments, (3) performance-based payments, (4) commercial items purchase financing, and (5) other methods, such as private financing and Government loans guarantee. To minimize risk to the Government, the regulations also provide that when a contractor requests financing, the Contracting Officer should consider the financing methods in the following order of preference: (a) private financing without Government guarantees, (b) “customary” contract financing, (c) loan guarantees, (d) “unusual” contract financing, and (e) advance payments. Progress Payments: The Government will make progress payments to the contractor when requested as work progresses, but not more frequently than monthly, in amounts of $2,5000 or more approved by the Contractor Officer. (Arnavas, 2003) Advance Payments: are advances of money by the Government to a prime contractor before, in anticipation of, and for the purpose of complete performance under one or more contracts. They are expected to be liquidated from payments due to the contractor incident to performance of the contracts. Since they are not measured...
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...Performance Proposal Evaluation an assessment of the proposal and the offeror's ability to perform the prospective contract successfully. Price cost plus any fee or profit applicable to the contract type Who Performs technical analysis subject matter experts (SME) or DCMA: says anyone who has specialized knowledge of product or service. Why Proposal Analysis to ensure that the final agreed-to price is fair and reasonable Fair and Reasonable Price Price a prudent and competent buyer would pay in a similar business situation Price Analysis the process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit. WHEN CERTIFIED COST IS NOT REQUIRED. Cost analysis review and evaluation of any of the separate cost elements and profit or fee in an offeror's or contractor's proposal as needed to determine a fair and reasonable price or to determine cost realism.USED WHEN CERTIFED COST IS REQUIRED. Cost Realism Analysis the process of independently reviewing and evaluating SPECIFIC ELEMENTS of each offeror's proposed cost estimate to determine whether the estimated proposed cost elements are realistic for the work to be performed; SHALL be performed on COST REIMBURSEMENT MAY be performed FIXED PRICE INCENTIVE CONTRACTS. or Fixed Price contracts when contracts with new requirements may not be fully understood by competitive offerors (quality, past performance, or contractors proposed...
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...COVER LETTER SAMPLE Maxwell Smart 321 Hollow Lane Lawrenceville, NJ 08648 609-555-1212 msmart@yahoo.com December 6, 2006 Mr. Joseph Alter Audit Manager Defense Contract Audit Agency 10 Melrose Avenue Suite # 200 Cherry Hill, NJ 08003-3696 Dear Mr. Alter: I am writing to apply for an Auditor Intern position at Defense Contract Audit Agency, which you are currently seeking to fill through your recruitment on the USAJOBS website. Enclosed is my résumé, which describes my academic and professional experiences to date. As my résumé details, I completed my undergraduate studies at the State University of New York at Stony Brook. I am currently pursuing a Master in Accountancy and Master in Business Administration at Rider University. I have had significant experience in the auditing field, first at Orbitex Fund Services preparing mutual funds for audit, and then at Resources for Human Development where I audited employee timesheets. In addition, I have completed several courses in auditing including Fraud and Forensics Accounting and Principles of Auditing and Practices. I believe that my academic background along with my professional experiences provide a solid foundation for your auditing position. Thank you for your time and consideration. I look forward to speaking with you in the near future. Please note: As my résumé reflects I have acquired a myriad of experiences in the professional world. This has been attributed partly to the fact...
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...An analysis of the Bell Helicopter Contract Fraud with the United States Government procurement is a huge, growing industry, making fraud within the procurement system a serious issue (Fickey, 2009). To safe guard against a rise in government procurement fraud cases, Congress established the Federal Acquisition Regulation and Department of Defense Supplement that outlines rules regarding bidding, accounting standards, profit policy, and other matters (Karpoff, Lee, & Vendrzyk, 1999). One of the regulations imposed by the Department of Defense on government contractors is the requirement of audits to be preformed by the DOD’s auditing agency. The majority of procurement fraud cases arise out of the DOD’s audits into the contractor’s accounting records (1999). One case worth mentioning is the case of Bell Helicopter Textron, Inc., a Texas based company, and the United States government. In 1988, Bell Helicopter entered into an $88 million settlement with the United States ending a four-year long investigation by the Department of Justice for fraudulently overcharging the government on helicopter spare parts (Isikoff, 1988). The investigation arose when Pentagon auditors discovered accounting and inventory irregularities in the company’s financial records. Throughout the investigation, Bell Helicopter was also accused of covering up these irregularities by shredding documents, changing computer entries, and covering up evidence of deliberate overbillings to the...
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...or abusive activity affecting governmental entities. Their audits are designed to detect and deter the misappropriation of public assets and to reduce future fraud risks. (Associates, 2003) Compliance auditors must have the skills to research issues effectively using authoritative materials, understand how to apply the knowledge gained to the circumstances being tested, and be able to explain to the organization what compliance means in day-today operations. Reaching a conclusion that an outcome complies or does not comply with a standard is not necessarily simple, especially in domains governed by complex regulations (e.g. occupational health and safety, environmental, employment practices, health care, insurance, federal grants and contracts, employee pensions and benefits, federal tax etc.)....
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...to feed us. However, I, my sister and brothers did not let that stop us from aspiring to accomplish something in life. We all used our athletic abilities as a means to help us get where we aspired to be. Though I loved playing basketball, my favorite sport was running track. Stationed at Fort Stewart, Georgia, I am a Specialist (SPC) soldier in the United States Army. My military occupation specialty is 92Y, which is Unit Supply Specialist. I also attend college, majoring in Computer Information Systems. Although a lot of people have motivated me to attend college and further my education, I would have to say my cousin, Ricardo, is my biggest motivator. He is the best mentor a person could ask for. He is an employee at Defense Contract Management Agency as a GS-12, the youngest worker within his job series and grade. My cousin, Ricardo, did four years in the Army and majored in Computer Information Systems just like I am doing. I look up to him because he keeps me going when I have no one to turn to. Though he...
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...1. The three main stages of negotiating Government contracts are fact-finding, preliminary stage, and negotiation or bargaining stage. The fact-finding session is where both the seller and buyer discuss the different elements of the proposal but mainly both activities are focusing on listening to what the other side is saying. The buyer is asking detailed questions in order to get information required for further analysis, and the seller is trying to answer those questions furnishing as much information as possible that will lead to a successful negotiation. The preliminary stage is used primarily to critique additional data or repriced inputs from the seller, and to narrow the negotiating range by resolving as many issues as possible. Both parties should try to determine the real objectives of the opposition. Lastly, the bargaining stage is what both parties result to if they’ve failed to reach an agreement on any major issues during the previous stages. Both parties are trying to reach a final agreement through the use of discussion, hard bargaining, and compromise, and negotiators are trying to get the most favorable terms possible for their organization. 2. There are several factors that can influence the negotiation such as thorough preparation, the use of a negotiation team, and the personal abilities and negotiator attributes. It is only through thorough preparation buyers can balance the initial disadvantage in the negotiation. The use of a negotiation team can influence...
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...Better Practice Contract Management Framework Better practice element Comment: What is required and why Governance Agencies’ contract management delegations are clear and consistent with general financial delegations Define oversight, financial and management controls. • Agencies’ general financial delegations should take precedence over contract management delegations, such as signing the contract. • Contract management delegations should escalate based on the risks, value and/or duration of the contracts being managed. • Contract management delegations should provide clarity and control the exercise of key decisions such as contract variations and time extensions. Intent It is important that contract management delegations are clear and consistent with general financial delegations. General financial delegations are designed to ensure that any new financial commitments are approved at appropriate levels. While general financial delegations give authority to making financial commitments, contract management delegations give authority to undertaking administrative tasks, such as signing contracts. These functions should be segregated. Longterm services contracts, particularly for IT, typically may have an initial duration, with several options to extend which can be unilaterally exercised by the agency. This gives the agency flexibility to either remain with the original supplier if performing well, or return to the marketplace...
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...Agency workers Agency workers enter into engagement with an employment agency and are sent by that agency to work for a third party – an end user. Is the agency worker an employee of (a) the agency, or (b) of the end user? (a) The worker- agency relationship In Construction Industry Training Board v. Labour Force Ltd [1] it was held that unskilled or building workers hired by employment agencies were not in a relationship of employment with the agency. The end-user paid the wages to the agency, and had the right to control the men as to what to do, and to require the agency to remove a man at three days notice (or in the case of misbehaviour, forthwith). The court considered it decisive against the identification of an employment relationship with the agency that no control was exercised by the agency over the workers. This approach was followed in Ireland. In Brightwater Selection v. Minister for Social and Family Affairs [2] a Social welfare appeals officer held that a worker sent by an agency to UCD to work in the administration section worked under the control of the agency: ‘the requirement to notify them of any changes in relation to responsibility, hours worked, pay, grievances… to produce a time sheet’. However, the High Court held that these minimal administrative obligations were not equivalent to control. The High Court held that in determining whether control exists, the alleged employer must not only have the right to tell the individual what...
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...How Will Sequestration Affect Government Contracting? By Cory Sanders Sequestration is a process in which automatic, indiscriminate across-the-board budget cuts are imposed on government programs to force reductions in spending and meet budgetary goals established by statute. If sequestration does occur, $1.2 trillion in budget cuts will begin on January 2, 2013, and continue through the following nine years (FY 2021). Generally, sequestration spending cuts are divided equally between eligible defense and non-defense programs. There are, however, some domestic entitlement programs – Social Security, federal retirement programs and Medicaid – that are exempt from sequestration budget cuts. In addition, the Government Accountability Office (GAO) issued a decision on May 21, 2012, extending exemption from sequestration to U.S. Department of Veterans Affairs (VA) spending. In issuing its decision, the GAO determined that the Statutory Pay-As-You-Go Act of 2010 exempted VA spending – with the exception of limited administrative expenses – from the impact of sequestration by overruling language within the Balanced Budget and Emergency Deficit Control Act of 1985, which limited cuts on veterans’ medical care to 2%. The GAO decision affirmed an April 2012 opinion by the Office of Management and Budget (OMB) which similarly concluded that sequestration budget cuts do not apply to VA spending. While not exempt from sequestration, other programs are limited to a fixed percentage...
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