Procurement Audit and Risk Management module handbook notes
This is the course content for Procurement Audit and Risk Management module
Chapter 1: Overview of Procurement Audit and Risk Management
- Definition of Key Terms Used in Procurement Audit and Risk Management
- Definition of Procurement Audit
- Objectives of Procurement Audit
- Important Issues in Procurement Audit Cycle
- Importance of Procurement Audit
- Stages of Procurement Audit
- Procurement Audit as an Assurance /Compliance Engagement
- Difference between Procurement Auditing and Accounting
- Users of Audited Procurement and Risk Management Reports
- Advantages and Disadvantages of Procurement Audit and Risk Management
- Types and Timings of Procurement Audits and Reviews
- Risk Identification
- Types of Risks
- Sources of Risks
- Review Questions
- Further Reading
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Chapter 2: Legal and Professional Framework in Audit Risk Management
- Provision of Legal and Professional Framework in Audits
- Role of International and Local Standards in Procurement Audits
- Background Information about the Client
- Client Acceptance of Audit Exercise and Retention of Reports
- Professional Etiquette and Constitutionalism
- Audit Engagement Letter
- Review Questions
- Further Reading
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Chapter 3: Procurement Audit, Evidence and Report
- Audit Planning
- Procurement Audit Document and Other Procurement Records
- Internal Control System
- Reviewing the Procurement System
- Procurement Audit Test
- Audit Evidence
- Audit Sampling
- Audit Report
- Review Questions
- Further Reading
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Chapter 4: Performance Audit and Risk Management Review
- Going Concern Concept in Procurement Audit
- Management Representations
- Performance Audit
- Performance Audit Report
- Risk Management Report
- Review Question
- Further Reading
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Chapter 5: Assurance Services and Non-Assurance Services
- Concepts of Assurance and Non-Assurance Services
- Procurement Audit Engagement
- Audit Assurance Reports
- Review Question
- Further Reading
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Chapter 6: ICT Tools in Procurement Audits
- Computerized Procurement System Environment
- Ways in Which Procurement Auditors Can Use ICT
- Internal Controls in ICT Integrated Auditing Procedures
- Auditor’s Approach
- Review Questions
- Further Reading
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Chapter 7: Risk Assessment Techniques and Segmentation Tools
- Definition of Risk Assessment
- Risk Assessment Techniques
- Qualitative and Quantitative Risk Assessment Techniques
- Segmentation Tools
- Review Questions
- Further Reading
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Chapter 8: Management of Professional Procurement Audit and Risk Management Agencies/Firms (Consultancies)
- Structure of Professional Audit Firms (Consultancy)
- Professional Ethics in Audit Firms
- Third Parties in Risk Management
- Risk Management Agencies
- Disaster Recovery Services
- Review Questions
- Further Reading
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Chapter 9: Risk Management Strategies
- Risk Management Strategies
- Contractual Remedies for Managing Risks
- Governance Structure for Risk Management
- Risk Management Culture
- Benefits of Effective Risk Management
- Risk Register for Supply Chain Function
- Procurement Fraud and Fraud Management
- Review Questions
- Further Reading
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Chapter 10: Key Stakeholders and Their Roles in Procurement in Audit and Risk Management
- Stakeholders in Procurement Audit
- Stakeholders in Procurement and Supply Chain Risk Management
- Role of Procurement Auditors
- The Role of Procurement Auditees
- Presentation of Procurement Audit to Stakeholders
- Review Questions
- Further Reading
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Chapter 11: Best Practices in Procurement Risk Management
- Contingency Planning
- Business Continuity Planning (BCP)
- Disaster Recovery Planning (DRP)
- Staff Succession Planning
- Supplier Transition Planning
- Insurance
- Data and Information Back-Up
- Review Question
- Further Reading
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Chapter 12: Legal Issues in Procurement Audit and Risk Management
- Types of Auditors Liability
- Procurement Audit Risks
- Business Risks and Procurement Audit
- Review Questions
- Further Reading
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Chapter 13: Emerging Issues and Trends in Procurement Audit and Risk Management
- Chapter Structure
- Emerging Issues and Trends in Procurement Audit
- Challenges and opportunities posed by the emerging issues and trends in procurement audit and risk management
- Coping with and adopting to emerging issues and trends in procurement audit and risk management
- Review Questions
- Further Reading
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