This sample audit report can be used by a company to ensure that its partner company is in compliance with the contractual obligations of a business partner agreement, to evaluate the protection of the business partner’s intellectual property, to identify areas to improve processes/controls and royalties owed to the business partner, and to address specific risks/issues that are related. It also includes a review of company compliance with employee training policies.
The following are key observations noted during the review:
- Company X was offsetting amounts owed by Company Y for subcontracting work.
- Non-Company X employees enrolled in Company Y training courses.
- Company X performed work outside its designated territory.
- Company X has not submitted an annual plan to Company Y.
- Invoice register could not be reconciled to audited financial statements.
- Company X’s royalty tracking process and documentation could be improved.