The objectives of this sample work program are to ensure that all contracts are valid and properly authorized, to mitigate risk of loss, and to assess whether contracts are executed in accordance with agreed-upon terms. This audit program explores detailed steps for planning, fieldwork and reporting phases of the audit, ensuring thorough assessment of contract validity, authorization and adherence to agreed-upon terms. It includes guidelines for understanding the legal risks, reviewing policies and procedures, and verifying the execution and approval of contracts.

It also emphasizes the importance of safeguarding sensitive information, ensuring compliance with licensure agreements and identifying potential vulnerabilities or unethical practices. Additionally, it provides instructions for documenting findings, conducting entrance and status meetings, and preparing audit reports. By following this work program, you can systematically review contract administration, mitigate risks, and ensure that the organization’s contracts are managed effectively and in compliance with relevant regulations and best practices.

Auditing steps include:

• Working with the auditee to determine the scope, approach and timing of the audit and making any detailed document requests
• Reviewing available best practices for contract administration and incorporating them into the audit work and audit report
• Conducting an entrance meeting with the auditee to reestablish the scope and timing of the review
• Establishing a schedule for status meetings and open-communication protocols