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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:
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.
Apart from highlighting failures to follow rules in a procurement process, a procurement compliance audit flashes out deficiencies in procurement system and procedures. Irregularities such as fraud and corruption are exposed in the manner goods and services are sourced.