A contract audit and program involves a thorough examination of an organization’s contracts in order to ensure compliance with laws, regulations, and internal policies. The program’s goal is to provide management, stakeholders, and regulatory bodies with the assurance that the organization is effectively managing its contractual obligations and risks.
The contract audit program typically includes a review of all contracts, including procurement, sales, service, and lease agreements, to assess compliance with relevant regulations. Our auditor will determine whether the contracts are in accordance with applicable laws and regulations, as well as the organization’s internal policies and procedures. Our auditor will also assess the parties’ performance, the financial impact of the contracts, and the internal controls in place to ensure contract compliance. Furthermore, our auditor will identify and assess any potential risks and weaknesses associated with the contracts, as well as make recommendations for improvement.
It is important to note that it is a continuous process that should be carried out on a regular basis to ensure the compliance, effectiveness, and efficiency of contract performance. It can be carried out as a requirement of funding agencies and regulatory authorities or as an internal requirement to ensure the compliance and effectiveness of contract management.
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