What is a Procurement Audit?
A procurement audit is the structured review of the procurement process itself — from planning through contract administration to closure — capturing what worked and what failed while the evidence is fresh. It feeds lessons learned and protects the organization: unresolved claims, missing documentation, and process gaps surface here, not in court.
It reviews the process, distinct from inspections that verify the product. Done at contract closeout, every contract, not just the ugly ones.
Worked example
Closing a $30M electrical package, the audit finds: bid evaluation well documented, but four change orders were executed on email approval before formal paperwork — it worked out, and it's exactly how the next project gets burned. The finding becomes a hard rule in the procurement plan template: no field change work without a signed directive. Cheap lesson, properly banked.