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Course Overview An efficient purchasing and procurement process is crucial to success in today's competitive market place. In order to achieve this, many organisations are developing partnering arrangements with suppliers in order to improve overall performance in terms of price, quality and service. Internal auditors have an important role to play in ensuring that the procurement process does indeed achieve these objectives. This interactive course looks in detail at the critical areas for audit. It highlights best practices and looks closely at the possible pitfalls in both the traditional and the modern approach to procurement. By using practical examples, the course demonstrates how the internal auditor can add real value to the process. Course Outline WHAT IS THE PROCUREMENT PROCESS? - Basic concepts
- The 'end to end' process
- Data gathering
THE MODERN APPROACH - Limitations of traditional approach
- Reliance on tendering
- Vulnerability to contract fraud
- Initial selection and supplier partnerships
- Annual review tools eg rolling audits, supplier 'MOTs'
- Benchmarking
- Improvement plans
AUDIT PROCEDURES - Objectives
- Planning
- Delivery
PRACTICAL WAYS INTERNAL AUDIT CAN ADD VALUE - Skill deficiencies within the procurement team
- Supplier costing models
- 'Open book' auditing
- Independent contract assessments
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