Process for Performing a Vendor/Contract Audit


Topic : Process for Performing a Vendor/Contract Audit

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Vendor/Contract audits require a certain skill set to understand the terms and conditions of a contract between a Company and any given vendor where products or services are outsourced. Understanding the risks that are inherent within them is the first step in developing audit objectives and steps. The primary focus of the audit is the vendor (third party) activities pertinent to a contract. A majority of the fieldwork on these types of audits will likely be performed at the Vendor’s office and this is a significant advantage to the auditor.

Areas Covered in the Session:

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
How to successfully identify and plan the vendor audit report to provide results to both management and the vendor.
Real life examples will be shared from the instructors’ extensive background in this area.

Speaker Profile :

Marna Steuart is Keynote speaker at ComplianceKey. Ms. 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.

Contact Info :
Compliance Key
Email :
Phone : +1 717-208-8666

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