Overview:
Contract management activities include administering and monitoring contracts/purchase orders after the award and during implementation.
The objectives of a contracts audit are to determine the following:
- To determine whether the procurement process is achieving desired outcomes
- To determine whether the contract management process is achieving desired outcomes
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.
Why you should Attend:
The main stages in any purchasing process include:
- Need Recognition. The business must know it needs a new product, whether from internal or external sources
- Specific Need
- Source Options
- Price and Terms
- Purchase Order
- Delivery
- Expediting
- Receipt and Inspection of Purchases
Areas Covered in the Session:
- Contract Lifecycles
- Types of Contracts
- Critical Business Factors
- Major Risks
- What can go Wrong and Why
- Cost Plus Contracts
- Fraud by Vendors
- Fraud by Employees
Who Will Benefit:
- Internal Auditors
- Financial Managers
- Purchasing and Procurement Managers
- Operational Managers