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Building a Self-Funding Contract Audit Program

Building a Self-Funding Contract Audit Program

A tremendous amount of time and effort are put into negotiating supplier contracts. And, it’s just common sense to check-in periodically and make sure everything is working as intended.

That’s what a contract compliance audit does. By rigorously reviewing vendor contracts, businesses can find sources of value leakage,
recover lost profit, and better yet, stop the errors causing the leakage from occurring again.

Most procurement departments, however, lack the budget, expertise, and bandwidth to audit vendor contracts effectively, leaving the door open to sustained loss.

Those issues can be overcome by engaging an expert audit partner and even designing a self-funding audit program that captures
historical recoveries, uncovers systemic issues, and stops future leakage from slipping through for the duration of the contract.

In this e-book, we’ll describe the cornerstones of a robust contract compliance audit methodology and explain how it can be designed to pay for itself — even while an audit is underway.

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