Operational Audit - Procurement Policy

VIP SOLUTIONS CASE STUDY

BACKGROUND

A high-growth technology company needed to obtain insights about timeliness and compliance with new procurement policies.

OBJECTIVES

VIP Solutions Case Study

Provide assurance that required purchases have a purchase order.

VIP Solutions Case Study

Provide assurance that purchase order is filled out prior to purchase.

SOLUTIONS

VIP Solutions Case Study

Developed and executed audit work program to determine the timeliness and use of purchase orders.

VIP Solutions Case Study

Reported findings and recommendations to CFO and Senior Manager of Procurement.

Identified 20% non-compliance with the procurement policy.
Implemented additional monitoring controls and training that resulted in a 99% compliance rate.