Procurement is one of many process in project management. The procurement management is a process that describes how the resources should be managed until the closure of the contract. These include preparing the independent estimates, constraints, assumptions, procurement documents and identifying the list of sellers.
The procurement audit is one of the many processes in procurement management. A procurement audit is a project management process that reviews different contracts and contracting processes to determine the completeness, efficacy as well as the accuracy of the procurement process. It is a structured review that stems from the Plan Procurement Management process through the Control Procurements.
The objective of this particular process is to determine the success and failures that require acknowledgement during the preparation or the administration of the procurement contracts on the project.
Procurement audit is basically a method in project management that formally evaluates the performance of the supplier based on the contract as well as the efficacy of the procurement tool. It is also used to create a record that can be used to shape and streamline the procurement practices of the organization.
This term is defined in the 5th edition of the PMBOK.