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The importance of auditing third parties

Tom Fox | July 25, 2018

Auditing third parties is critical to any compliance program and an important tool in operationalizing your compliance program. This is a key way that a company can manage the third-party relationship after the contract is signed and a measure that the government will expect you to engage in going forward. 

Four to six weeks in advance, you should perform the audit with your legal counsel to preserve privilege, work with the business sponsor to establish key business contacts, discuss audit rights and processes with the third party. You should prepare initial document request lists for financial information queries, take the time to review findings from previous audits and resolutions, and also review details of opened and closed internal investigations. If there are any code of conduct questionnaires available, take care to review them. Finally, be cognizant of any related Justice Department and SEC enforcement actions.

The next step is to determine the entry points...

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