Auditing Purchasing Contracts

September
09
2025 (Tuesday)
Time 08:00 AM PDT | 11:00 AM EDT
Duration: 60 Minutes
11 Days Left To REGISTER
Id: 208667
Instructor
Richard Cascarino

Attending the session covers the main stages of the purchasing process, including need recognition, specific needs, source options, price, order, delivery, Expediting, receipt, inspection, contract lifecycles, critical business factors, major risks, and potential fraud.

Live
Recorded
Live + Recorded
Refund Policy

Overview

Contract management activities include administering and monitoring contracts/purchase orders after the award and during implementation.

The objectives of a contracts audit are to determine the following:

  • To determine whether the procurement process is achieving desired outcomes
  • To determine whether the contract management process is achieving desired outcomes

Inconsistent purchasing processes throughout the organization can lead to a reactive approach to contract management and can limit the organization's ability to fully monitor the procurement process.

Why you should Attend

The main stages in any purchasing process include:

  • Need Recognition. The business must know it needs a new product, whether from internal or external sources
  • Specific Need
  • Source Options
  • Price and Terms
  • Purchase Order
  • Delivery
  • Expediting
  • Receipt and Inspection of Purchases

Areas Covered in the Session

  • Contract Lifecycles
  • Types of Contracts
  • Critical Business Factors
  • Major Risks
  • What can go Wrong and Why
  • Cost Plus Contracts
  • Fraud by Vendors
  • Fraud by Employees

Who Will Benefit

  • Internal Auditors
  • Financial Managers
  • Purchasing and Procurement Managers
  • Operational Managers

Speaker Profile

Richard E. Cascarino, MBA, CIA, CISM, CFE, CRMA Well known in international auditing, Richard is a principal of Richard Cascarino & Associates based in Colorado, USA and Johannesburg, South Africa with over 32 years of experience in audit training and consultancy. He is a regular speaker to National and International conferences and has presented courses throughout Africa, Europe, the Middle East and the USA. Richard is a Past President of the Institute of Internal Auditors in South Africa, was the founding Regional Director of the Southern African Region of the IIA-Inc and is a member of ISACA, and the Association of Certified Fraud Examiners, where he was a member of the Board of Regents for Higher Education.

Richard was Chairman of the Audit Committee of Gauteng cluster 2 (Premier's office, Shared Services and Health) in Johannesburg and was also the Chairman of the Audit and Risk Committee of the Department of Public Enterprises in South Africa
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