CONTRACT AUDIT CONTRACT AUDIT
What is a contract audit? <ul><li>Contract Auditing is more generally associated with audits of major construction and mai...
REASONS FOR CONTRACT AUDIT <ul><li>The value and importance of contractual expenditure in regard to both capital and  reve...
PRINCIPLES INVOLVED <ul><li>The principles of contract auditing are, however, generally applicable to all types of  contra...
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Contract audit

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distinctive features of contract audit

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Contract audit

  1. 1. CONTRACT AUDIT CONTRACT AUDIT
  2. 2. What is a contract audit? <ul><li>Contract Auditing is more generally associated with audits of major construction and maintenance contracts and in particular with the audits of schemes, which are financed by capital expenditure. </li></ul><ul><li>The particular contracts subjected to contract audit would, therefore, most generally fall under the following categories: Building Works, Civil Engineering Works,Mechanical and Engineering Works. </li></ul>
  3. 3. REASONS FOR CONTRACT AUDIT <ul><li>The value and importance of contractual expenditure in regard to both capital and revenue budgets. </li></ul><ul><li>The high turnover and diversity of contracts (from the supply of stationery right through to the construction of roads). </li></ul><ul><li>The inherent risk of loss, waste and fraud resulting from such turnover and expenditure levels. </li></ul>
  4. 4. PRINCIPLES INVOLVED <ul><li>The principles of contract auditing are, however, generally applicable to all types of contracts, whether they relate to minor or major works or whether they are financed from </li></ul><ul><li>capital or operating budgets. </li></ul>

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