Search common contracting language and take a deeper dive to discover what each means
A contract audit is an official inspection of financial, operational or probity-related aspects of an organisation and its contracts.
It is conducted by internal or external people - by agreement - to see if all contract obligations are being fulfilled.
They are especially used in regulated industries, or where federal governments rely on work done by contractors.
Performance and quality are often improved as a result of the contract audit process.
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.