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Contracting and Payment Options Essay Example

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Contracting and Payment Options

Critically, the incorporation of limiting costs to the government’s audit rights would serve in the eradication of fallacy in the accounting of financial activities for every fiscal year. Therefore, it would be strategic for the federal government to conduct electronic computation over its agencies’ contracts. For instance, a computation over the IRS contracts would determine the payment options used, the costs incurred, and the discounts allowed. The strategy remains absolute in ensuring that the financial results compiled after every financial year would bear the accurate and unbiased information. Presumptions are that the government would comprehend dependable results through the electronic commutation of limited costs, a process that would ease the auditing process. The Truth in Negotiations Act stipulates the protocol of reviewing and ensuring that cost and pricing data in recorded without drawing negative concerns. However, the act faces challenges in the procurement of technical data and computer software. Ideally, the dynamic changes in the computer generation cause the occurrence of such difficulties, and the TINA becomes vulnerable. Since the act seeks to review and recommend fair for all commodities procured by the government over the different categories of contracts, it is vital for the federal state and its congress to revise it accordingly. In the case of procuring technical data and computer software, the legal bodies should understand that the contractors are vulnerable to the ever-changing prices for the equipment. Therefore, it is appropriate to repeal the act and enforce an exemption that will allow contractors from these categories to acquire and account for the costs incurred in the purchasing process. Arguably, the changes in technology force government agencies to ensure the installation of an updated platform for the computation and relay of data and information. Such aspects are achievable through the acquisition of updated software.

References

FAR. (2015). “Federal Acquisition Regulation (FAR): Payments, 52.232-1.” Acquisition.GOV. Web. https://www.acquisition.gov/sites/default/files/current/far/html/52_232.html

FAR. (2015). “Federal Acquisition Review (FAR) Subpart 32.9-Prompt Payment.” Acquisition. GOV . Web. https://www.acquisition.gov/sites/default/files/current/far/html/Subpart%2032_9.html

FAR. (2015). “Federal Acquisition Review (FAR) Subpart 532.9-Prompt Payment.” Acquisition.GOV. Web. https://www.acquisition.gov/sites/default/files/current/gsam/html/Part532.html

Federal Register. (2010). “Federal Acquisition Regulation: Truth in Negotiations Act (TINA) Interest Calculations.” Federal Register. Web. https://www.federalregister.gov/articles/2010/09/22/2010-23589/federal-acquisition-regulation-tina-interest-calculations

FAR. (2015). “Federal Acquisition Regulation (FAR): Buy American Act.” Intelligence legal Information. Web. http://regulations.vlex.com/vid/far-buy-america-nonavailable-articles-22728290

preview essay on Contracting and Payment Options
  • Pages: 6 (1500 words)
  • Document Type: Essay
  • Subject: Finance & Accounting
  • Level: Undergraduate
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