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NCJRS Abstract

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NCJ Number: 68027 Find in a Library
Title: IMPROPER TRANSACTIONS WITH EMPHASIS ON SALES AGENT'S FEES AND COMMISSIONS
Author(s): ANON
Corporate Author: US Dept of Defense
Defense Contract Audit Agency
United States of America
Date Published: 1976
Page Count: 24
Sponsoring Agency: National Institute of Justice/
Rockville, MD 20849
US Dept of Defense
Alexandria, VA 22314
Sale Source: National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
Rockville, MD 20849
United States of America
Document: PDF
Language: English
Country: United States of America
Annotation: BASED ON PAST AUDITS AND RESEARCH ON RELATED LAWS AND REGULATIONS, THE PAMPHLET PRESENTS GUIDELINES FOR AUDITS OF IMPROPER TRANSACTIONS WITH EMPHASIS ON SALES AGENTS' FEES AND COMMISSIONS FOR DEPARTMENT OF DEFENSE AUDITORS.
Abstract: AS A RESULT OF DISCLOSURES ARISING FROM THE WATERGATE INVESTIGATION OF ILLEGAL POLITICAL CONTRIBUTIONS MADE BY COMPANIES INVOLVED WITH DEPARTMENT OF DEFENSE CONTRACTS, THE DEFENSE CONTRACT AUDIT AGENCY (DCAA) INITIATED SPECIAL REVIEWS OF NINE COMPANIES WHICH HAD CONFESSED TO ILLEGAL PAYMENTS. THE METHODS FOR MAKING IMPROPER PAYMENTS UNCOVERED BY THE AUDITS ARE DESCRIBED, FOLLOWED BY LAWS AND REGULATIONS WHICH PROHIBIT SUCH ACTIVITIES. PROVISIONS IN THE DCAA CONTRACT AUDITING MANUAL AND AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) AUDITING STANDARDS WHICH RELATE TO FRAUD ARE PRESENTED. ALTHOUGH THE DETECTION OF FRAUD AND SIMILAR WRONGDOINGS IS NOT A PRIMARY FUNCTION OF CONTRACT AUDITS, DCAA AUDITORS SHOULD BE AWARE OF THE POSSIBILITY OF FRAUD AND REPORT ALL IMPROPER TRANSACTIONS. DCAA POLICIES AND PROCEDURES CONCERNING COOPERATION WITH FEDERAL INVESTIGATIVE AGENCIES ARE OUTLINED. IMPORTANT AUDIT PROCEDURES TO IDENTIFY ILLEGAL AND IMPROPER TRANSACTIONS ARE SUMMARIZED. ALSO COVERED ARE FOREIGN MILITARY SALES CONTRACTS. REGULATIONS GOVERNING SALES AGENTS ARE DETAILED, COVERING FEES, COMMISSIONS, AND THE IDENTIFICATION OF BONA FIDE EMPLOYEES AND AGENTS. AUDIT PROCEDURES ARE SUGGESTED FOR DCAA AUDITORS TO ASSIST IN EVALUATING AGENTS' FEES. FINALLY, REVISED REGULATIONS ON AGENTS' FEES AND COMMISSIONS ARE PROPOSED. THE APPENDIXES CONTAIN THE U.S. CODE ON CAMPAIGN CONTRIBUTIONS, AICPA STANDARDS ON FRAUD, SELECTED SECURITIES AND EXCHANGE COMMISSION DISCLOSURE REQUIREMENTS, AND A CONTRACTOR'S STATEMENT OF FEES FORM. (MJM)
Index Term(s): American Institute of Certified Public Accountants (CPAs); Auditing standards; Audits; Corruption of public officials; Fraud; Grants or contracts; Unlawful compensation; US Department of Defense
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=68027

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