An Audit Activity to provide Management with an objective assessment of contractors’ or vendors’ compliance to the terms and conditions of the contracts/agreements.
Objective and Role:The objective of Vendor Audit is to develop an audit function comprising of qualified resources to effectively perform compliance audits to ensure that the contracts are being executed in accordance with the intent and address the net benefit to include cost recoveries, process improvement savings, fraud prevention and identification of hidden risks.
#Operational-RCM-GRC#Procedures