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Compliance & Governance

Procurement Audit

A procurement audit is an independent review of purchasing activities to confirm they follow policy, deliver value and are free from fraud or error.

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A procurement audit examines whether buying decisions followed approved processes, whether the right approvals were obtained, and whether prices, contracts and payments were reasonable and properly documented. Auditors sample transactions, trace them through requisition, order, receipt and payment, and test controls such as segregation of duties. Findings are graded by risk and turned into recommendations.

Audits may be internal, run by an organisation's own assurance team, or external, conducted by independent firms. Beyond catching errors and fraud, a good audit highlights inefficiency, off-contract buying and weak record-keeping. A complete audit trail — from purchase requisition to invoice — makes the review faster and more credible, which is why digital procurement systems are valued at audit time.

Key points

  • Tests compliance with policy, value for money and integrity of records.
  • Traces sampled transactions from requisition through to payment.
  • Findings are risk-rated and drive corrective actions.

Frequently asked questions

What is a procurement audit?
A procurement audit is an independent review of purchasing activities to confirm they follow policy, deliver value for money and are free from fraud or avoidable error.
What does a procurement audit check?
It typically checks that approvals were obtained, prices and contracts were reasonable, transactions are properly documented, and controls such as segregation of duties are working as intended.

Go deeper

Supplier audit checklist

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