Importance of Procurement Audit

1. To determine compliance with relevant law and regulations by public entities.
2. Promotes accountability with procurement processes.
3. Helps detect and prevent fraud in procurement process of public entities and other important practices and irregularities.
4. Ensures fairness and transparency in procurement processes.
5. Helps determine whether procurement procedures are achieving best value for money in the application of public funds.
6. Provides assurance with regard to the efficiency and effectiveness of procurement operations of the procurement entity.
7. Helps improve internal controls of procurement entity by making recommendations to
substantially increase the controls in the procurement process.
8. Constitutes opportunities of improvement upon past procurement performance in procurement processes as appropriate.
9. Helps to prevent future mistakes of public entities.