What is one of the main goals of conducting a contract audit?

Conducting a contract audit primarily aims to identify issues and inform future practices. This process involves a systematic review of the contract’s performance, compliance with terms, and the overall effectiveness of the agreement. By examining these aspects, auditors can pinpoint discrepancies, inefficiencies, or areas for improvement, which can then be utilized to enhance future contract management and execution.

Additionally, the findings from the audit can serve as valuable insights for refining procedures and ensuring that best practices are established moving forward. This continuous improvement cycle enables organizations to learn from past experiences, make informed decisions, and avoid repeating mistakes in future contracts.

While improving negotiation strategies and evaluating vendor offers are important aspects of contract management, they are not the primary focus of a contract audit. Audits are more concerned with assessing compliance and performance rather than negotiating or evaluating personal attributes or vendor comparisons.