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.