Procurement Auditing
If we complete a procurement audit for you we can help you identify and manage risks related to your procurement process more effectively. We can help you answer the following questions:
- Are the goods and services being procured really needed by the organization?
- Are there company standards for goods and services, if so are they being met?
- Are you paying a just and equitable price for these goods and services?
- Are you paying for goods and services not received?
- Are your contracts being monitored for compliance?
- Do you know your contractor before hiring them?
- Is there a back-up vendor on retention?
- Is there scope creep occurring on your projects?
- Are changes controlled and monitored?
Procurement is divided into two distinct functions: sourcing and managing. Where are the vendors coming from and how are they managed once obtained? In theory, these functions should be as independent as possible to avoid collusion. Let Auspicium help you perform a procurement auditing that will determine how separate these functions are being applied in practice.
We will help you ensure that:
- Procurement processes promote value for money
- Vendors are vetted
- Background verification is done
- Procurement officials are acting in the best interest of the company
- Areas of risks are mitigated for with the proper internal controls
- Policies and Procedures are consistent with industry best practice
- Process for reporting and investigating fraud and abuse are in place