1. what you need to know about conducting a contract compliance audit Even small organizations may be hundreds or thousands of active contracts at any one time. It is critical that regular contract compliance audits are performed to protect your business from unnecessary risk.

2. HOW OFTEN SHOULD YOU AUDIT? Many companies are unsure of how often they should be conducting contract compliance audits. The best practice is to have at least one audit a year. If you have a significant number of contracts, you may want to conduct a quarterly or semi-annual audit.

3. SETTING THE SCOPE OF THE AUDIT One of the first things you need to do is set the scope of the audit. The scope of the audit is the amount of time you will devote to the review and the number of documents that you will review.

4. SETTING THE SCOPE OF THE AUDIT One of the first things you need to do is set the scope of the audit. The scope of the audit is the amount of time you will devote to the review and the number of documents that you will review.

5. OBJECTIVES OF THE AUDIT Many companies confuse the concept of audit objectives with the scope of the audit. But, these are not related at all.

6. COLLABORATION If you are going to have a successful audit, you need to encourage cooperation and collaboration with every part of the company.

7. ANALYZING AUDIT RESULTS One of the biggest mistakes a company can make is not doing anything with the audit results. After an audit has been conducted, the management team needs to do three things: Create an action plan based on the results Complete the actions in the plan Revisit the audit results and action plan after the completion of the actions

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