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DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
Thread Title: Procurement Contract Audit
Created On Friday December 21, 2012 1:45 PM
  Procurement Contract Audit
  Procurement Contract Audit


Kelly25


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Friday December 21, 2012 1:45 PM

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We are going to be performing an audit focusing on contract and procurement policy compliance. Does anyone know where I can find information regarding procurement contract best practice or any other information that may be helpful for this audit?

Best Regards,



-------------------------
Kelly


Edited: Friday December 21, 2012 at 1:46 PM by Kelly25

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COBOYD


Posts: 81
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Wednesday December 26, 2012 4:07 PM

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Speaking from experience on this topic, here is what I have found or reviewed in the past:
- Obtain a listing of all procurement related contracts.
- Rank the contracts in terms of dollars involved, length of contract, and key items sourced to keep your business operating.
- Choose a sample to review, or select the top ten contracts for detail review, looking for proper authorization & signature, evidence of legal dept review, terms & conditions agreeing to invoices. Are all adendums present, up to date, with pricing agreeing to invoices?
- Obtain a listing of all open contracts that have yet to be finalized. Often times you will see that they remain open since certain issues are not getting resolved in a timely manner, and both sides decide to just operate as if a signed contract was in place, when it is not. Not a problem as long as everything is running smoothly, but when it doesn't look out.
- Look at how original contracts or electronic copies are held/filed/kept confidential. Who has access?
This is not an all inclusive list, but a good start.

coboyd

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DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
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