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> procurement audit
procurement audit
1. Pre-Audit Preparation
Define the scope of the audit.
Identify key stakeholders and team members.
Gather relevant procurement policies and procedures.
Review previous audit findings and recommendations.
Prepare a timeline for the audit process.
2. Documentation Review
Collect procurement contracts and agreements.
Review purchase orders and invoices.
Examine supplier performance records.
Analyze procurement reports and financial statements.
Assess compliance with legal and regulatory requirements.
3. Process Evaluation
Evaluate the procurement process from requisition to payment.
Assess the effectiveness of supplier selection criteria.
Review the approval process for purchases.
Analyze the inventory management and control procedures.
Examine the usage of procurement technology and systems.
4. Risk Assessment
Identify potential risks in the procurement process.
Evaluate the adequacy of risk management strategies.
Assess the impact of identified risks on procurement outcomes.
Review previous incidents of non-compliance or fraud.
Recommend measures to mitigate identified risks.
5. Stakeholder Interviews
Schedule interviews with procurement staff.
Interview key stakeholders, including department heads and end-users.
Gather feedback on procurement processes and challenges.
Document insights and suggestions for improvement.
Analyze the consistency of responses across different stakeholders.
6. Findings and Recommendations
Compile audit findings and observations.
Identify areas of strength in the procurement process.
Highlight areas for improvement and potential risks.
Develop actionable recommendations for process enhancements.
Prepare a draft audit report for review.
7. Reporting and Follow-Up
Present the final audit report to stakeholders.
Discuss findings and recommendations with the procurement team.
Develop an action plan for implementing recommendations.
Schedule follow-up audits to assess progress on improvements.
Ensure ongoing monitoring of procurement processes for compliance.
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