Auditing for Contracts and Procurement

Participants will be exposed to the legal requirements necessary to form a contract and procurement, advanced areas of contract law and auditing. If you are interest in planning an effective audit of various contracts within your organization, this workshop is for you.

CONTENT

*Sources of Contract Law

· Areas of Contract Information

· How Contract reduce organizational Risk

· Identify the Audit Related purpose

*Contract Components

· What Constitutes offer and acceptance of a contract

· Determine whether a contract exists

· Define consideration as a component of contracts

· Illegal provisions which render contracts void

*Planning the Audit of Contracts

· Planning an Audit of Contracts

· Approach to Flowcharting the process

· Integration of Contract valuation

· Risk Assessment and Plan a Walk Through

*Selecting Audit Samples of Contracts

· Financial Statements to be considered

· Sampling Strategies and Techniques

.· Risks in Limiting Audit Scope

· Sources of Information Regarding Deficiencies with contracts

*Reforming Control and Substantive Tests

· Contract type, Identify key Controls

· Compare and Contract General Substantive Tests and

  Contract Specific

· Materiality when performing audit Steps

. Combining test if controls with substantive tests

FOR WHOM: All Internal Auditors in both the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.