What is a vendor audit, and why is it important?
Vendor audits are conducted to assess the performance, compliance, and financial stability of vendors or suppliers with whom a company has a business relationship. During a vendor audit, we evaluate the vendor’s ability to meet contractual obligations, to maintain quality standards, to adhere to regulatory requirements, and to mitigate potential risks associated with vendor operations. Vendor audits can be carried out before entering into a business relationship, periodically during the contract term, or in response to specific concerns or incidents.
Key components of a vendor audit include:
Vendor audits help companies maintain transparency, control risks, and ensure that their vendors meet the required standards and expectations. By conducting these audits, companies can protect their interests, maintain regulatory compliance, and foster productive and mutually beneficial vendor relationships. If you are looking for a team of auditors experienced in vendor audits, look no further than Botwinick & Company, LLC.