AUDITING THE PROCUREMENT FUNCTION

Procurement is the largest or second-largest category of expenditure in most organisations. This book offers practical advice for auditing the procurement function, and it is intended to be of relevance for all types and sizes of organisations globally—in the private sector, the not-for-profit or charitable sectors, local and national government, and international organisations.

The book discusses:

• The definition, scope, and importance of procurement.
• The core challenge of procurement and concept of “best value for money.”
• The important risk areas of fraud, ethics, and socioeconomic factors.
• Common risks, procedures, and internal controls at different stages of the procurement process.
• Procurement strategy and planning.
• The typical sequence of events in the procurement cycle for individual transactions.

Auditing the Procurement Function is an important book for internal auditors, external auditors, and all those with an interest in the auditing of procurement (including members of audit committees, procurement professionals, and those who are subject to auditing).