Auditing Purchasing Contracts
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Speaker : RICHARD E. CASCARINO
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When : Tuesday, June 17, 2025
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Time : 01 : 00 PM EST
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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 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 the Chairman of the Audit and Risk Committee of the Department of Public Enterprises in South Africa.
Author of the book Internal Auditing - an Integrated Approach, published by Juta Publishing and now in its 3rd edition. This book is extensively used as a university textbook worldwide. In addition, he is the author of the Auditor's Guide to IT Auditing published by Wiley Publishing, now in its 2nd edition and the book Corporate Fraud and Internal Control: A Framework for Prevention, also Wiley Publishing. He is also a contributor to all 4 editions of QFINANCE, the Ultimate Resource, published by Bloomsbury. His latest books are Data Analytics for the Internal Auditor, and The Complete Guide to the CISA Examination, both published by CRC Press.
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 this webinar, we shall cover:
- 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 Should Attend
Internal Auditors, Financial Managers, Purchasing and Procurement Managers, and Operational Managers.
Why Should You Attend
Apart from highlighting failures to follow rules in a procurement process, a procurement compliance audit flashes out deficiencies in procurement system and procedures. Irregularities such as fraud and corruption are exposed in the manner goods and services are sourced.
Topic Background
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 the desired outcomes
- To determine whether the contract management process is achieving the 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.
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$160.00
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