How does this affect contract auditing requirements?

How does this affect contract auditing requirements?

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January 7, 2022
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Governance and regulatory environment. Are local laws and regulations regarding procurement activities integrated with the organization’s procurement policies? How does this affect contract auditing requirements?

Answer and ExplanationSolution by a verified expert

Chapter AP X5, Section X5.9, In-Text Questions, Exercise 043
Page 683
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The project managers ensure coordination between the laws and regulations and the procurement activities and company policies.

Explanation
The contracts are defined by certain terms and conditions that are aligned with local laws and company policies. It is the procurement management team's responsibility to ensure that the contract complies with company policies.

A detailed extended approval process is implemented, which also involves the legal department, considering the legally binding nature of the contract. The contract's auditing requirements must be processed through extensive approval procedures. The sections of the contract usually bifurcate appendices and annexes wherein standard legal language is used.

Verified Answer
Local laws and rules regarding the procurement activities are aligned with organizational policies, which are introduced by the project managers while drafting the contracts. The contract's auditing requirements are to be followed by an extensive approval process due to the procurement activities.

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