‘The provider did not have adequate systems in place to monitor covenant compliance, despite being warned in an audit management letter in 2013 that a certain level of cash balance was needed to ensure compliance with the liquidity covenant.’
Audit reviews have become a common call to action, to adopting more efficient contract management systems within the procurement process.
Here at Target we understand that overwhelming amounts of data which lay within departments and inaccurate systems need to be assessed in order to facilitate the growth of business.
We conduct internal audit reviews on our quality management system. Reviews provide essential information on how to improve the different aspects of our work processes; therefore nothing gets missed in regards to company development.Within procurement we have discovered from company audit reports that there is a need for compliance for internal governance; as a solution we present organisations with our Contract Management Systems. Accord is a system that essentially removes the frustrations surrounding contract scheduling and reporting, and in return improves efficiencies to deliver control, compliance, and savings for the organisation in the long run.
As a software company we advise that it is to a greater degree to invest in a system that assists your work flows, rather than adopt it to comply with an off the shelf, out of box system. At Target we create tailor made systems that meet the essential requirements of the clients resulting in an improved system that will benefit any work process in any department.
Considering the New Year is approaching, perhaps it is the time to conduct an internal audit on your procurement and compliance process. The review will help to make decisions for improvements sooner than later and make savings for the new business year before you are stopped in your tracks in the next external audit.
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