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Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Glossary > A

Audit

An audit is an official inspection of financial, operational or probity-related aspects of an organisation, conducted by internal or external people.

The purpose of a contract audit is to ensure that third parties are fulfilling their agreed obligations and businesses are being compliant.

Failing an audit can have serious financial, reputational and operational consequences. 

The best way to prepare for a contract audit is to create a single source of truth across your portfolio. 

Gatekeeper centralises your contracts, provides an auditable history of all records and allows you to track any and all changes made.