What you should expect when you’re being reviewed is:
- A collaborative approach – which means not looking to find disallowable costs, for example, but to provide evidence that the costs are properly supported.
- That the reviewer is sympathetic to the other draws on your time like month end and holidays.
- Reasonable notice that the audit is going to happen
- An understanding of what information you will need provide and by when in order to support the review.
- Full, open and transparent communication of any concerns in order that you have the opportunity to have your say
Benefits of a review:
- Spotting commercial issues early and heading them off helps a contractor to protect its margins.
- It helps to avoid future disallowable or inadmissible cost issues from arising.
- It protects cash flow by avoiding unnecessary withholding notices
- A clean assurance report helps a contractor build trust with its employer
- An assurance review can help a contractor improve its systems and processes
- It can clarify uncertainties in the Contract
- Any frustrations a contractor has with its employer can be fed into the assurance review for independent assessment and resolution. It’s not always your fault!
Talk to us today regarding contract reviews.