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Audit of Third Party

and
Contract Auditing
Audit of Third Party
- occurs when a company has
decided that they want to create a
quality management system (QMS)
that conforms to a standard set of
requirements, such as ISO 9001, and
hire an independent company to
perform an audit to verify that the
company has succeeded in this
endeavor.
Quality Management System
- is a set of policies, processes and procedures
required for planning and
execution(production/development/service)
in the core business area of an organization.
(i.e. areas that can impact the organization’s
ability to meet customer requirements.)
External business relationships

- organization often use business


relationships and varied partnerships to
accomplish their objective; to support
and sustain growth, businesses are
increasingly supported through
outsourcing and licensing.
Examples of EBR
1. Service provider
2. Supply side-partners
3. Strategic alliences, consortia and joint
ventures
4. Intellectual property (IP) partners
5.Demand-side partner
Benefits of EBR
1. Cost reduction
2. Organizational focus on core capabilities
and offerings
3. Improved quality of service or product
4. Access to new markets
5. Timely completion of projects
6. Resource augmentation
7. Sharing of risk and risk managements
Business Objectives/Goals associated with Risks and
Potential Control Activities to Mitigate those risks
1. Identify and assess all EBRs
2. Maintain positive reputation
3. Minimize insurable risks
4. Clear understanding of service levels between the
organization and its EBR
5. EBR is able to provide services without conflicts of interest
6. The organization receives appropriate remuneration for
Intellectual Property (IP)
7. Accurate fees for EBR services
8. Risk of EBR going out of business consistent with organization’s
expectations
9. Information shared with EBR is properly secured and in
compliance with appropriate privacy rules
Contracting Audit
- evaluation and verification of the accuracy
and propriety of the contractor's (or the
subcontractor's) controls, policies, and
systems through the inspection of account
books, transaction records, and operations
logs.
Terms of the contract
1. Procedures of bidding
2. Procedures for cost estimation and control
3. Budgets and financial forecasts
4. The contractor’s information and control
systems
5. The contractor's financial position
6. Funding and tax matters
7. Progress of the project and cost incurred
Types of arrangements of contracts

1. Lump-sum contracts
2. Cost-plus contracts
3. Unit-price contracts
1. Lump-sum contracts

- A single payment for all the works before


the work begins
- Also termed as fixed price contract
- Completing the project or contract within
the agreed fixed cost
2. Cost-plus contracts

- Also termed as reimbursement contract


- A contractor is paid for all of its allowed
expenses plus additional profit
Types of cost reimbursement:
1. Cost plus fixed-fee
2. Cost plus-incentive fee
3. Cost plus-award fee
4.Cost plus percentage cost
3. Unit-price contracts

- Based on estimated quantities included in


the project or contract
- The final price of the project or contract is
dependent on the quantities needed to carry
out and complete the work