In order to ensure your project can be completed on time and in a way that guarantees compliance, it’s often necessary to conduct an audit. While internal audits are common, it’s also vital that any contractors or vendors outside of your organization are subjected to a thorough auditing process. At Poole Audit, we can handle your needs for a vendor audit while maintaining superior quality, service, and cost-effectiveness.

What is a Vendor Audit and Why Is It Performed?

A vendor audit is intended to provide a compliance assessment of a vendor or contractor. As part of this audit process, it’s essential to make sure that a contractor or vendor can execute the terms of their contract in a way that aligns with project intent, risk assessment, and cost recovery. During a vendor audit, any applicable hidden risks are identified while ensuring that costs billed by the vendor or contractor are indeed legitimate. In addition, audits feature valuable insight into pertinent policies, standards, regulations, and procedures that are in effect for a given project and whether the vendor or contractor has complied with those requirements.

Vendor audits are typically performed to make certain that vendors or contractors are accountable for both their results and to government compliance. But these audits also play a role in helping businesses accurately estimate costs, prevent delays and material shortages, improve established processes, add value, and build relationships. Since many large projects come with even larger risks, especially in regards to noncompliance and cost recovery, audit programs must be prioritized.

If you need help managing risks or need to ensure high-quality project performance, you may need to take a closer look at your audit process. Whatever your special project needs, our team can create a customized audit specifically for your team. For more information on our audit programs, please contact Poole Audit today.