Guidelines for Performing a Vendor Audit with an emphasis on Construction Audit
OVERVIEW
Vendor/Contract audits require a certain skill set to understand
the terms and conditions of a contract between a Company and any given vendor
where products or services are outsourced. Understanding the risks that
are inherent within them is the first step in developing audit objectives and
steps. The primary focus of the audit is the vendor (third party) activities
pertinent to a contract. A majority of the fieldwork on these types of audits
will likely be performed at the Vendor’s office and this is a significant
advantage to the auditor. This course will spend some time discussing different
contract terms and the risks associated with them, for example “Cost-Plus”,
“Fixed Fee/Lump sum” and “Time and Materials”. We will discuss the proper
breakdown in time spent on a typical vendor audit and where the focus of that
effort should lie. Examples of real-life vendor audit issues and how they
were discovered and resolved will be shared. Additionally, we will discuss an
example of an audit program, vendor confirmation letter and contract brief.
From start to finish, the vendor audit can result in real dollar savings to
your organization and should be an area of focus for any organization with
significant contracts with outside vendors.
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| Contract Terms And Conditions |
WHY SHOULD YOU ATTEND
With an increased focus on outsourcing services within
organizations, awareness of contract terms and conditions and how to audit them
are invaluable to organizations. Taking a proactive stance on performing vendor
audits on contracts can result in real dollar savings to organizations,
not to mention invaluable comfort to Management that outside vendors are
performing in accordance with terms and conditions of given contracts. This
course will provide you with a basic understanding of different contract terms,
different ways to determine the scope of the audit given contract terms and
conditions, how to plan, perform and report results of a vendor audit. Examples
of templates will be provided for every step of the audit process.
AREAS COVERED
- Identify and collect essential pre-audit background
information
- A basic understanding of the most popular types of
contract terms and conditions
- The process of reviewing contracts to develop audit
objectives
- Turning audit objectives into audit steps and an audit
program – Audit Planning
- Reviewing the contract and putting together a “Contract
Brief”
- Fieldwork performed at the vendor’s office – critical
advantage to auditors
- How to successfully identify and plan the vendor audit
report to provide results to both management and the vendor.
- Real life examples will be shared from the instructors’
extensive background in this area.
LEARNING OBJECTIVES
To understand how to perform vendor/contract audits and start to
finish instructions and templates on how to perform this type of audit given
the risks involved in contracts.
WHO WILL BENEFIT
This webinar will provide valuable assistance to all personnel
in:
- Internal Audit personnel involved in audits of
third-party contracts
- Internal Audit Management
- Professionals responsible for performing third-party
contract audits
- Management concerned with vendor performance
For more detail please click on this below link:
Email: support@trainingdoyens.com
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882
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