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Contract Audit Checklist (US) Toolkit
Practical Law Toolkit w-038-8509 (Approx. 6 pages)
Contract Audit Checklist (US) Toolkit
by Practical Compliance
| Maintained • USA (National/Federal) |
A collection of resources for use by compliance, internal audit, or legal professionals when conducting audits of key compliance provisions in executed counterparty contracts as part of supply chain management. These compliance provisions include those addressing force majeure, anti-bribery, audit and inspection rights, product recalls and other supply chain risk areas.
Organizations conduct internal audits of their contract processes, procedures, and terms to help them:
- Improve business performance.
- Develop stronger relationships with their counterparties.
- Increase their reputation in the marketplace for efficiency, quality, and good business practices.
- Manage compliance and consistency issues.
- Reduce risks, costs, and delays.
- Promptly identify potential problems related to their contracts.
- Identify areas for improving the contract management process.
This Toolkit contains a collection of resources for use by compliance, internal audit, or legal professionals when conducting audits of key compliance provisions in executed counterparty contracts as part of supply chain management.
For an overview of the contract management process, including contract audits, see Practice Note, Contract Management: Overview.
For more guidance on conducting an audit, including methodology, field work, and reporting, see Practice Note, Conducting an Internal Compliance Audit and Before and After an Internal Compliance Audit: Auditee Checklist.