Apart from highlighting failures to follow rules in a procurement process, a procurement compliance audit flashes out deficiencies in procurement systems and procedures. Irregularities such as fraud and corruption are exposed in the manner goods and services are sourced.
WHY SHOULD YOU ATTEND?
Inconsistent purchasing processes throughout the organization can lead to a reactive approach to contract management and can limit the organization’s ability to fully monitor the procurement process.
AREA COVERED
- Where Accounts Payable Come From
- Internal Control Audit Objectives
- General Controls over Acquisitions
- Processing checks Best Procedure
- Vendor Allowances
- Accounts Payable Fraud Red Flag
LEARNING OBJECTIVES
Understanding management and audit’s role in:
- Need Recognition. The business must know it needs a new product, whether from internal or external sources.
- Where Controls Can Fail
- Good Internal Control Procedures
- Receipt and Inspection of Purchases
- Potential Sources of Unrecorded A/P
- Red Flags in Purchasing/Inventory
WHO WILL BENEFIT?
Financial Accountants, Forensic Auditors, Internal Auditors, Financial Managers, Board members, Audit Committee members.
Inconsistent purchasing processes throughout the organization can lead to a reactive approach to contract management and can limit the organization’s ability to fully monitor the procurement process.
- Where Accounts Payable Come From
- Internal Control Audit Objectives
- General Controls over Acquisitions
- Processing checks Best Procedure
- Vendor Allowances
- Accounts Payable Fraud Red Flag
Understanding management and audit’s role in:
- Need Recognition. The business must know it needs a new product, whether from internal or external sources.
- Where Controls Can Fail
- Good Internal Control Procedures
- Receipt and Inspection of Purchases
- Potential Sources of Unrecorded A/P
- Red Flags in Purchasing/Inventory
Financial Accountants, Forensic Auditors, Internal Auditors, Financial Managers, Board members, Audit Committee members.