Why Procurement Audit? The procurement has become complex due to the myriad of legislation such as the Procurement Act, Act 633, International Benchmarks, standards and best practices that needs to be met in the procurement process. It is therefore imperative that Internal Auditors keep abreast with various skills, tools and methodologies that will allow effective auditing of the procurement process in both public and private sectors. Auditors need to know the various pitfalls and misunderstandings in the control of procurement processes in various critical and complex areas such as outsourcing, IT procurement, tender processes, etc.
The procurement process in most organizations cut across several departments and sections. Typically, the purchasing department, Accounting, Stores, Legal and user departments are all involved in the procurement process which makes it more complex than any other audit process. These therefore require a carefully developed skills sets and critical tools needed by the modern auditor to be able to understand and appreciate the key risk processes in the procurement process and ways to be more efficient and effective in the audit process.