Third Party Audits
For third party audits we audit the following processes:
- Vendor Selection
- Bid Reconciliation
- Contract Compliance
- Invoice Review
- Contract Renewal and Negotiations
Vendor Selection is the first important step and provides assurance that the vendor selection included:
- A fair and equitable evaluation process
- Verification of no undisclosed relationships to the organization or its officers and employees
- Due diligence to ensure financial stability, proper licenses, and insurance coverage
Bid Reconciliation compares the bid to the final contract to ensure that what was promised is what was contracted for, as this is the first step in getting what was promised to the delivery stage. Though we understand that some terms and conditions will fluctuate during final negotiations, the fundamental promises shall remain intact or there may be a deficiency within the bidding process.
Contract Compliance ensures all key contract objectives are met.