What is Contract Audit?

Regular contract audits are imperative across all business sectors to verify the adherence to a contract’s terms and conditions. This essential process initiates once a contract is drafted and signed. Contract audits may be conducted at either a micro-level, focusing on individual contracts, or at a macro level, encompassing an entire portfolio. Within the scope of a contract audit, comprehensive evaluations and verifications of controls, policies, and systems take place. The meticulous nature of contract audits also serves as a preventive measure against supplier over-billing or under-delivering to customers.

Learn more about Ivalua’s Contract Lifecycle Management Solutions.