Contract Auditing: Soup to Nuts

Seminar Overview

Contracts and contracting are a way of life for all governmental agencies. We rely on third parties more than ever in areas such as consulting, technology, real estate, security, maintenance, construction, joint ventures, benefits administration and advertising. With this increased reliance has come increased exposure and internal audit must take an active role in auditing contracts to verify compliance and keep costs in check.

Who Should Attend
Auditors who would like more detail and specifics on how to audit contracts.
  • Understanding of the how to audit contracts and how to apply these learnings to create an effective workprogram
  • General contract terms and leading practices
  • How to write a Right to Audit clause
I. Introduction
   a. Understanding the Basic Contracting Process
   b. Common issues in contracting and issues in auditing contracts
   c. Introduction to Case Study
II. Exposures and Opportunities
    a. Key elements of the contracting process
    b. Contract components – what and why
    c. Exposures in contracting
    d. Contract audit findings
III. Basics of Contract Auditing
     a. Contract audit objectives and strategy
     b. Audit Planning and Assessing Risk
     c. Developing a Contract Audit
IV. Fraud Considerations of Contract Auditing
     a. Key Areas of Fraud Risk
     b. Fraud Detection
V. Auditing Costs
    a. What are relevant costs
    b. Common cost exceptions and how to find them
VI. Leading Practices
     a. Tools and Procedures
     b. Leveraging technology in contract auditing
     c. Building a Leading Practice Contract Template