Contract Compliance Audit

Mitigate Risk and Improve Supplier Compliance

After looking beyond the obvious, we conduct an in-depth review of your most complex supplier contracts. Our highly experienced auditors go a step further to identify the root cause of the problem. Using a secure technology-enabled approach, we then recommend contractual or process improvements that can lead to significant cost savings in the future.

What is Contract Compliance?

Keith Hosmer, PRGX Sr. Audit Manager, provides an overview of the PRGX contract compliance solution and how it can benefit companies across all industries, returning value back to your bottom line by making sure the deal you negotiated is the deal you received. Watch the video now to learn more!

Face These Challenges Head-On

Supplier Self-Reporting

Invoices submitted by your suppliers don’t always align with the intent in the agreed-upon contracts. In fact, some of the costliest overpayment errors stem from supplier self-reporting that is left unchecked. By conducting a thorough audit of your most complex contracts, we not only identify and recover funds lost, but provide you with insight to help:

Mitigate risk through improved contract language
Proactively address root causes leading to future cost savings
Create a culture of audit oversight, encouraging compliance and deterring fraud

High Volume of Contracts

Today’s biggest companies transact business with thousands of vendors, most governed by one or more contracts. The purchase to pay environment is complex, and varied, which makes monitoring compliance to negotiated terms difficult. After selecting the most complex vendors and contracts to audit, we work transparently with them to identify gaps in compliance, iron out discrepancies, identify revenue leaks and recover lost profit.

Internal Issues

Organizational change and turnover, inexperienced personnel, outdated processes and controls coupled with ambiguous contract language contribute to lost contract value. Our highly skilled auditors have the expertise and experience to dig deep into a variety of complex contract types to evaluate compliance, identify gaps and opportunities for improvements, regardless of contract pricing mechanisms, including:

Cost plus
Time & materials
Unit rate and lump sum

PRGX Solution Suite

Recovery Audit
Accounts Payable Recovery Audit
Retail Merchandise Audit
Advanced Analytics

Recovery Audit

PRGX Leads the Industry in Recovery Overpayments

Overpayments are inevitable for most transaction-intensive companies – but finding them, recovering them and keeping them from happening again delivers real value to your bottom line. For 50 years we’ve mastered Recovery Audit and continue to be a global leader, recovering more than $1.2 billion annually for our clients.

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Accounts Payable Recovery Audit

Outsmart the Spend Cycle

Although untapped value exists within your source-to-pay data, the resources for finding that value are scarce. Common errors like duplicate payments can lead to millions of dollars in lost profit. Our Accounts Payable Recovery Audit helps companies identify and recoup funds across a myriad of settings and prevents the errors from happening again.

Our comprehensive approach reviews all major factors of your accounts payable process, including:

Disbursements
Statements
Escheatment avoidance
Sales and use tax

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Retail Merchandise Audit

Recover Money Quickly

Thousands of vendors, tens of thousands of items in inventory and millions of transactions – with countless moving parts – create an environment that’s effective at hiding things such as unapplied discounts and under-deductions. Our Retail Merchandise Audit solution identifies gaps in processes and systems to prevent future errors, all while helping you recover money quickly. That’s why we’re trusted by 75% of the world’s largest retailers.

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Advanced Analytics

More Data, More Expertise, More Value

Every day that your source-to-pay cycle isn’t optimized is a missed opportunity to find the resources you need to invest in and grow your business. Our Advanced Analytics combine industry-leading consulting and data expertise with robust tools to rapidly uncover insight and take action to deliver bottom-line results.

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Technology-Enabled Platform

Protecting highly sensitive client data

We utilize a unique technology triad, comprised of our Verigon^® Solution Suite, Epiphany Data Foundation™, and Panoptic™ Compliance Audit Platform, that enables our specialized teams to efficiently and securely perform a variety of audits – to help you uncover value in your processes. Our proprietary platform, the Verigon^® Solution Suite, rapidly takes in huge volumes of transaction data from accounting, ERP, procurement and other systems. Once captured and streamlined, data is housed in our Epiphany Data Foundation™- the foundation of our recovery audit, contract compliance and advanced analytics solutions. At the same time, enjoy complete visibility into the audit process and fund recovery via our Panoptic™ Compliance Audit Platform.

To help keep our client data secure, our technology maintains the privacy, integrity and controlled use of confidential information, including personally identifiable information through a combination of hardware, software and physical security, coupled with strong internal data security processes, procedures and controls that meet or exceed relevant laws, regulations and industry best practices.