Effective procurement procedures are essential for any business to succeed in the constantly evolving global marketplace of today. Over 30% of contracts perform poorly due to inadequate contract management, and at least 10% of corporate value is lost as a result of ineffective or inefficient procurement processes, according to the World Commerce and Contracting Association (WCC). 

Internal audits are a necessary for any organization that wishes to last a long time, be successful, and have a good reputation. Internal auditing provides management with a wealth of valuable information by providing an independent and objective review of corporate activities, allowing for unbiased and informed decision-making.

Internal Auditing in the sense independent assurance and consulting activity performed to add great value and improve an organization’s operations.

The audit in the sense a systematic and independent examination of activities to identify whether the evaluated activities were performed according to decided requirements.

From auditor to auditor: which areas of your company do you audit? The most common answers I’ve heard are two: a) the accounts that are related to money such as banks, petty cash, payments, purchases, etc. and b) the accounts that have a higher balance because when auditing them, a higher amount is being covered.

The audit has finished. Now is time to put it right in writing. And for some reason, although this step is the most important -in most cases-, auditors fail to do it right. The top mistakes detected:

The world is changing, thus the environment, way to do things, the companies. It’s essential to speak about the audit skills needed for 2022; either the ones you need to update or improve.