Procurement and supply chain audit serves an important role for companies in fraud prevention. Recurring analysis of a company's operations and maintaining rigorous systems of internal controls can prevent and detect various forms of fraud and other irregularities.
A procurement audit is a management process that reviews different contracts and contracting processes to determine the completeness, efficacy as well as the accuracy of the procurement process. It is a structured review that stems from the Plan Procurement Management process through the Control Procurements.