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Contract audit

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distinctive features of contract audit

distinctive features of contract audit

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  • 1. CONTRACT AUDIT CONTRACT AUDIT
  • 2. What is a contract audit?
    • 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.
    • 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.
  • 3. REASONS FOR CONTRACT AUDIT
    • The value and importance of contractual expenditure in regard to both capital and revenue budgets.
    • The high turnover and diversity of contracts (from the supply of stationery right through to the construction of roads).
    • The inherent risk of loss, waste and fraud resulting from such turnover and expenditure levels.
  • 4. PRINCIPLES INVOLVED
    • 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
    • capital or operating budgets.