Contract Compliance Audit

Increase Third-Party Transparency, Efficiency, and Savings

It’s critical for organizations to surround themselves with trusted partners that understand the business and provide value-added services to enhance the bottom line. In this pursuit, organizations invest a lot of time identifying the ideal partner and negotiating contracts with them to govern the relationship. Optimizing third-party relationships, mitigating related risks, and monitoring ongoing performance is essential to achieve business objectives.

Dive Into the Details of Your Contracts

Organizations that implement a risk-based contract compliance audit program can expect to better measure contract effectiveness, improve profitability, verify the accuracy of supplier charges, promote alignment across all stakeholders, enhance governance, strengthen contract language, mitigate risks, and optimize business processes.

Direct and Indirect Spend Audits

Recover overpayments through greater transparency and contract alignment. Our team works to identify inadvertent errors, reduce transactional risk, strengthen long-term supplier relationships, and monitor compliance.

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Third-Party Risk Management

Understand risk indicators related to people, data security, data privacy, process design and effectiveness, and policy compliance. We analyze financial, operational, cyber, privacy and strategy risk categories to identify and mitigate potential exposures.

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Construction Audits

Engage with stakeholders throughout your CapEx project lifecycle to validate contract compliance, mitigate contractor risks, enhance processes, and strengthen internal controls associated with significant enterprise investments.

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Shutdown and Turnaround Audits

For large-scale manufacturing and refining operations dealing with shutdowns, turnarounds, and outages, it’s imperative to craft smart contracts and monitor your contractor’s compliance with the terms and conditions to ensure quality, affordability, transparency, and maximum ROI.

Accounts Payable Recovery Audits

Identify overpayments, detect hidden risks, resolve unrealized credits, recover residual funds, and bolster financial performance with computer assisted audit techniques, carefully conducted research and a thorough examination of supplier records.

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Royalty and Licensing Audits

Identify under-reported sales, omission of products from royalty calculations, non-compliant deductions, or even formula errors that can lead to incorrect payment amounts. Enhance earnings, improve processes, and identify opportunities to strengthen contract language.

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Form I-9 Audits

Minimize risk and avoid significant penalties with regular Form I-9 reviews to ensure that your organization is prepared and protected from compliance transgressions and upholding regulatory and contractual obligations.

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Forensic Data Analysis and Data Mining

Quickly and accurately expose potential fraud, waste, or abuse. We partner with clients to examine data sets of any size against broad, specific, or combined criteria to identify irregular transactions and detect potential errors.

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Contract Management

Contracts are the foundation of a business relationship and define the terms agreed to by the parties. However, the mere existence of a contract does not guarantee compliance or ensure an effective third-party relationship. Consistent and continued monitoring is needed to preserve and enhance the value of your contracts.

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Partner with Certified, Experienced Professionals

SC&H’s Inavero Net Promoter Score is 84.4, nearly three times the industry average. Our clients appreciate our professional approach, dedicated team, and proven methods that result in increased transparency, improved profitability, enhanced processes, and stronger relationships. We use objective and data driven analysis to make informed recommendations tailored to meet your business needs and goals. We believe that through leading with accountability and transparency between your organization and your third-party suppliers, the mindset of operating with openness and honesty becomes ingrained into your company’s culture and every relationship that your organization fosters.

WHAT TO EXPECT FROM SC&H GROUP:

  • Recommendations to minimize financial leakage and improve profitability
  • Deliverables designed to increase transparency, mitigate risks, and enhance alignment across stakeholders
  • Suggestions to optimize processes and contract language
  • Support with monitoring third-party relationships and corresponding risks
  • World-class client service

Empower Your Organization and Optimize Business Performance

Having an effective, mature contract compliance audit program will enable your organization to achieve higher cost savings, mitigate risk, and increase supplier transparency.

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Work With Industry Experts

With more than three decades of knowledge working in the field, we have the expertise to implement, design, and execute effective global third-party contract compliance audit programs – across all types of contract structures, spend categories, and industries. Our certified Contract Compliance Audit professionals have extensive experience partnering with Fortune 1 to 500 companies in over 25 countries. Our insights help us serve a broad range of industries including but not limited to:

  • Oil & Gas

  • Technology

  • Manufacturing

  • Pharmaceuticals

  • Healthcare

  • Nonprofit

  • Retail

  • Insurance

Why SC&H Group?

Our team maintains dedicated audit teams throughout the project to ensure consistent client service so that team members can gain an intimate understanding of your unique processes. All key engagement team members are Certified Public Accountants, Certified Internal Auditors, and / or Certified Fraud Examiners. Our services are supplemented by a full-service management consulting, tax, technology advisory, and risk management firm at SC&H Group, which fosters a unified approach and all-encompassing services to meet all your business objectives throughout the engagement.

Learn About Our Contract Compliance Audit Practice And What We Can Do For Your Business

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