New! IIA Bookstore Release: Auditing the Procurement Function, 2nd Edition
Auditing the Procurement Function is an important book for internal auditors, external auditors, and all those with an interest in the auditing of procurement (including members of audit committees, procurement professionals, and those who are subject to audits).
The second edition covers topics that have grown in importance in the decade since the publication of the first edition: the tremendous increase of outsourcing and offshoring, and technological advances (including artificial intelligence).
Procurement is often the largest or second largest expense in an organization. This book offers practical advice for auditing the procurement function and is intended to be of relevance for all types and sizes of organizations globally — the private sector, the not-for-profit or charitable sectors, local and national governments, and international organizations. The book discusses:
- The definition, scope, and importance of procurement.
- The core challenge of procurement and concept of “best value for money.”
- The important risk areas of fraud, ethics, and socioeconomic factors.
- Common risks, procedures, and internal controls at different stages of the procurement process.
- Procurement strategy and planning.
- The typical sequence of events in the procurement cycle for individual transactions.
- Summary of the fundamental internal controls one would expect in a well-managed organization.
Learn more and purchase the revised edition. Visit the IIA Bookstore, powered by the Internal Audit Foundation.