California Federal Acquisition Regulation (FAR) Consulting CPA
Is your business looking to secure a government contract? make sure you consult a CPA who is experienced with FAR to ensure you are compliant.
The Federal Acquisition Regulation (also known as FAR) is a set of rules spanning 53 chapters that ensures that firms that conduct business with the federal government adhere to procedures that are consistent, standard, and impartial. Nearly all federal government executive agencies must comply with the FAR system.
If businesses would like to secure contracts with federal agencies, they should see an accountant for a consultation about their adherence to the FAR. California businesses that would like to meet with an accountant or CPA for a consultation about compliance with the FAR should get in touch with Cook CPA Group.
Understanding the Federal Acquisition Regulation (FAR)
The Federal Acquisition Regulation ensures that the federal government adheres to consistent and impartial procedures while entering into contracts to acquire goods and services. Businesses in California are advised to consult with an experienced CPA to discuss their adherence to the FAR before entering into contracts with the federal government.
The Purpose of the Federal Acquisition Regulation
The Federal Acquisition Regulation is a set of rules that applies to firms that do business with the federal government of the United States. It contains 53 chapters that vary in relevance depending on the type of contract into which the business and government enter. It is codified in Parts 1 through 53 of Title 48 of the Code of Federal Regulations.
The Federal Acquisition Regulation oversees the acquisition process that the United States federal government’s executive agencies use to acquire goods and services through appropriated funds; its purpose is to provide acquisition policies and procedures that are uniform for all parties. Its guiding principle is to offer an acquisition system that satisfies the needs of businesses, to minimize the cost of administrative operation, and to encourage businesses to operate fairly, openly, and with integrity.
What is Covered in the Federal Acquisition Regulation
The Federal Acquisition Regulation addresses different aspects of the acquisition process, including acquisition planning, contract formation, and contract management. It may also provide contracting officers with the government’s basic policy, the requirements that agencies must meet, exceptions that can be made to the requirements, and clauses that may be included or incorporated into the contract. It may also articulate the guiding principles that are used by the federal acquisition system. These principles consist of satisfying the customer, fulfilling public policy objectives, and identifying the roles of the members of the acquisition team.
Consequences of Failing to Adhere to Federal Acquisition Regulations
Businesses can face negative consequences if they don’t adhere to the Federal Acquisition Regulations, which is why they need to consult with an accountant to discuss their adherence to these regulations. Failing to adhere to the provisions set by the Federal Acquisition Regulation can result in being barred from being able to do work with government agencies in the future. It may also result in ineligibility to win awards and a loss of profit.
How an Accountant Can Help Your Business with Federal Acquisition Regulation (FAR)
When you meet with an accountant for a consultation about your adherence to the Federal Acquisition Regulation, you’ll discuss certain aspects of your business. Firstly, an accountant will assess various aspects of compliance per the FAR provisions and clauses that apply to your business. Another critical part of a FAR consultation with an accountant is help with developing a proposal. An accountant will also: review the FAR cost principles and pricing, outline the appeals process to the Small Business Administration, prepare you for submittals required by the FAR (including termination settlement proposals, forward pricing proposals, contract closeouts, incurred cost submittals, and more), and inform you about potential FAR issues.
A large part of a consultation with an accountant regarding FAR pertains to contract administration. There are various components to contract administration concerning FAR. These include the meaning of words and terms used in FAR, business practices and potential conflicts of interest, terminations, quality assurance, qualifications of contractors, contract modifications, special categories, contracting methods, rights in data, and contract cost principles and procedures.
For some businesses, a full audit may be necessary before entering into a contract with a government agency. An FAR audit will include: a review of the business’s accounting systems, a review of the internal controls that the business uses to assess expense segregation, a determination of whether the methods the business uses to allocate costs are equitable, preparation of a management report with recommendations for ways to improve international accounting systems, and an identification of the best reporting options for the business.
The Roseville CPAs that work with Cook CPA Group are prepared to consult with California businesses about their FAR compliance as they enter into contracts with the federal government. We are ready to assist companies of all sizes with varying numbers of contracts. Our accounting professionals can put years of experience to use to bring clients certainty as they provide goods and services to government agencies.
California Accountants Available for Federal Acquisition Regulation (FAR) Consultations
Make sure that your business is prepared to enter into a federal contract. Consult with an experienced CPA to make sure that your business complies with FAR regulations. The California Federal Acquisition Regulation consultation CPAs from Cook CPA Group are available to help businesses across the state.