Procurement Audit and Risk Management module handbook notes -CPSP Part 2 notes

Procurement Audit and Risk Management

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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