Our Contract Compliance audit programs help to ensure that contracts are adhered to – with improved results. This allows our clients to dedicate additional time and resources to negotiate and implement their contracts. Following an agreement’s execution, limited time, resources and information are available to confirm that its commercial terms are accurately translated into billing and payment transactions. Further, errors are difficult to identify unless a detailed line-item analysis of contracts, invoices, payment transactions and purchase orders is conducted.
A contract audit can encompass a number of leading expense categories such as outsourced services, staff augmentation, contractors/construction, engineering, third party labor, technology, equipment, software, raw materials, environmental services, maintenance, auto/truck fleet, security services and much more. For major initiatives such as facility upgrades or new construction, a dedicated resource is assigned to our client’s team and can work full time, on site, over the life of the project.
We conduct a thorough review of all expenditures, including the individual review of selected agreements with key suppliers and contractors. Cost reduction and contract improvement opportunities are presented, along with the identification and recovery of overpayments and business concessions that translate to prospective savings. We also work to identify the associated root causes of non-compliance and recommend opportunities for process improvement.