Process for Performing a Vendor/Contract Audit: What Should be Considered and How to Plan, Perform and Report Results of a Vendor Audit virtual, sheridan

OVERVIEW
Conducting vendor or contract audits demands a specific skill set for comprehending the contractual terms and conditions between a company and an external vendor responsible for outsourced products or services. The initial phase of shaping audit objectives and procedures involves grasping the inherent risks associated with these contracts. The central focus of these audits revolves around evaluating the vendor’s activities within the contract. Notably, a substantial portion of the audit fieldwork is typically conducted at the vendor’s office, offering a significant advantage to the auditor.

WHY SHOULD YOU ATTEND?
With an increased focus on outsourcing services within organizations, awareness of contract terms and conditions and how to audit them are invaluable to organizations. Taking a proactive stance on performing vendor audits on contracts can result in real dollar savings to organizations, not to mention invaluable comfort to Management that outside vendors are performing in accordance with the terms and conditions of given contracts.

LEARNING OBJECTIVES
To understand how to perform vendor/contract audits and start to finish instructions and templates on how to perform this type of audit given the risks involved in contracts.

AREAS COVERED
Identify and collect essential pre-audit background information
A basic understanding of the most popular types of contract terms and conditions
The process of reviewing contracts to develop audit objectives
Turning audit objectives into audit steps and an audit program – Audit Planning
Reviewing the contract and putting together a “Contract Brief”
Fieldwork performed at the vendor’s office – critical advantage to auditors

WHO WILL BENEFIT
Internal audit personnel involved in performing the annual risk assessment
Internal audit management interested in performing a risk assessment
Professionals responsible for performing risk assessment duties
Risk/compliance officers from any industry

About speaker
Marna Steuart has been in the audit industry for over twenty years. Ms. Steuart began her career with a Big Four firm as an external auditor, then as an internal auditor in several different capacities within several different industries.

Ms. Steuart obtained her Certified Fraud Examiner license in 2007 and was the main fraud investigator for five years at a large utility company. She was responsible for performing and updating the fraud risk assessment on an annual basis and conducting over fifty internal fraud investigations during her time at this organization.