Vendor Audits & Contract Compliance
BRI performs Vendor/Contract compliance reviews for both our domestic and international clients. The purpose of performing vendor reviews is to (1) safeguard company assets, (2) act as a deterrent against unnecessary cost being invoiced in the future, and (3) help identify possible improper behavior or unethical practices by either party, (4) offer added assurance that suppliers are fulfilling the terms of their agreements.
Some of the benefits of performing a vendor review include (1) cost recovery from identification of billing errors and prevention of future billings errors, (2) mitigation of risk exposure due to noncompliance, (3) improvement of internal processes, (4) enhancement of the relationship between a company and a vendor, and (5) identification of vague or ambiguous contract language.”
Small mistakes or items that are overlooked can amount to large sums over a period of time. Our experienced auditors can locate discrepancies that may otherwise go undetected and bring them to our client's attention.
The major areas under review typically include:
- Pricing of materials and services
- Insurance (general liability, workers’ compensation, aircraft)
- Business ethics policy concerning client/customer gratuity, gifts & entertainment
- Drug and alcohol abuse policies
- Verify material storage and handling
- Overview testing procedure
- Appraise vendor qualifications
- Coordinate client/vendor communication and negotiation
- Employee safety policies and procedures
- Required employee training
- Receivable aging
- Assure vendors meet all regulations
- Provide quality assurance
- Assess fabrication procedures
- Determine vendor capabilities
- Monitor any outsourced contractors
Because we are bound by confidentiality, we are not able to publicly list those clients to whom we have provided services. However, below is a sample of some of the companies that we have successfully audited in the past few years.
