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Ask The Expert – Good Contract Outcomes Depend On Trust
December 4, 2014 @ 11:00 AM (EDT) - 12:00 PM (EDT)
Developing trust is the number one issue for CEOs, according to the most recent PwC CEO study. When it comes to contracts, trust is often in short supply – and lack of confidence in supplier billing accuracy is one of the top issues undermining good relationships.
On the surface, introducing a third party to undertake audits would seem to confirm and even amplify this lack of trust. But in reality, the opposite is often true. By creating confidence through an independent third party, the customer and supplier are able to focus their attention on more valuable and substantive issues than billing disputes. Their attention can turn to proactive problem solving and sources of improvement or innovation, confident that behind the scenes the receivables and payables are under control.
Why does this matter so much? Because ultimately contracts are economic transactions and it’s the money that really matters. So join us as we explore the world of contract compliance audits and how top global organizations utilize audits as a key component of their overall governance strategy for third party relationships. In addition to transparency, these audits offer financial and operational benefits that improve processes, controls, and economic outcomes. A well-managed contract compliance audit program will deliver significant ROI and ensure the full value of a strategic third party relationship is realized.
For the far-sighted supplier wanting to demonstrate its integrity and reliability, perhaps one answer is to offer its clients the use of such a service. Now there’s a thought!
This webinar will incorporate the following:
- Third party risk assessment
- Implementation strategies for contract compliance audits
- Illustrative case studies
Patrick D. Gahagan, CPA, CIA, CFE
SC&H Group – Contract Compliance Audit Services
Patrick Gahagan is a leader in SC&H Group’s Contract Compliance Audit Services practice specializing in contract compliance audits and supply chain consulting to produce cost savings, strengthen contracts, reduce risk, and identify revenue enhancements. He works with Fortune 100 companies to evaluate contract compliance in categories such as marketing and advertising, contingent staffing, facilities management, construction, computer hardware/software, MRO, security, events, and office supplies. Projects under his leadership have resulted in client savings of over $100 million in addition to practical control developments and valuable process improvements.
A majority of Patrick’s work involves engagement with global procurement organizations and business functions to enhance transparency and develop insights for supplier relationships. Working with a variety of clients across many industries has given Patrick unique awareness of how contracts, processes and controls can work in harmony to ensure favorable economic outcomes.
Patrick has a B.S. in Accounting from Towson University. He is a Certified Public Accountant, Certified Internal Auditor, and Certified Fraud Examiner. He is also a member of the American Institute of Certified Public Accountants (AICPA), the Maryland Association of Certified Public Accountants (MACPA), the Institute of Internal Auditors (IIA), and the Association of Certified Fraud Examiners (ACFE).