Procurement Audit

A procurement audit is a thorough review of an organization’s purchasing processes and activities. It examines whether goods and services are acquired effectively, efficiently, and in accordance with policies, budgets, and legal requirements. The goal is to identify areas where the procurement process can be improved, ensure transparency, prevent waste or corruption, and verify that vendors are selected fairly. Essentially, it's like a financial check-up for how a company buys what it needs, ensuring accountability and optimal use of resources.