Which part of the FAR outlines the policies and procedures for contract administration and audit services?

The correct choice focuses on FAR Part 42, which specifically addresses the policies and procedures for contract administration and audit services. This section of the Federal Acquisition Regulation (FAR) is crucial as it outlines the roles and responsibilities of various stakeholders in the contract administration process, including agency officials and contractors. It details the necessary oversight mechanisms to ensure compliance with contract terms and provides guidance on audits to evaluate the performance and financial aspects of awarded contracts. This ensures that contracts are executed effectively and that resources are managed appropriately throughout the contract lifecycle.

In comparison, other parts of the FAR deal with different aspects of federal contracting. For instance, FAR Part 30 pertains to cost accounting standards and their application to government contracts, while FAR Part 25 addresses foreign acquisition. FAR Part 15 deals with contract negotiation processes, focusing on the policies governing competitive proposals and source selection; however, it does not specifically cover contract administration or audit services. Understanding these distinctions is essential for effective contract management within federal agencies.