NAFA Contract Compliance Audits Help Ensure the Benefit of Your Bargain

Skilled internal audit professionals track the performance of your significant agreements

Something doesn’t quite add up. You’ve negotiated significant contracts which you thought would substantially boost your bottom line. But you’re not getting the full benefit you anticipated. Did you make a bad bargain? Or are some of the terms you scrupulously negotiated being ignored? It won’t do any good to call your lawyer when you can’t say for certain there’s been a breach. Instead, call North American Forensic Accounting. At NAFA, we understand how the underperformance of a contract can undermine your business. Though often barely noticeable, underperformance acts like a slow drip that wastes water and corrodes your system. Worse yet, lapses in your internal controls can enable similar deficiencies in performance among your other clients. When that happens, all your contracts are leaking, and you could be inundated by a flood of unnecessary, preventable losses. To protect your business, you need to find the source of the problem and remedy the situation. That’s where NAFA can help. We perform thorough contract compliance audits using advanced metrics to gauge performance. We pinpoint the stress points where your trade partners might be underperforming, or where you might be overpaying. Armed with this information, you can pursue appropriate remedies to eliminate unnecessary expenses.

Shifting expense back to the responsible party

There are plenty of expenses you grudgingly pay as “the cost of doing business.” From spoilage of goods to parking tickets, you assume the cost. But did you ever stop to think those expenses might be someone else’s responsibility? If a contract partner’s negligence loses your company money, shouldn’t that party bear the cost? If these expenses were truly onerous, you would certainly demand restitution. So why should you assume those costs when they’re simply bothersome? When you shift those expenses back to the responsible party, you help yourself two ways: you recoup losses you never should have incurred, and you motivate your trade partners to comply more strictly with the terms of your agreement. A NAFA contract compliance audit identifies these problems so you can correct them. You can recover losses you incurred when goods and services were not delivered or proved to be substandard, for late performance, for overcharges, and for other types of noncompliance. When you can hold vendors accountable for their failure to perform according to contract, you can leverage greater compliance with the contract in the future. Problems that had been multiplying suddenly begin to evaporate.

Auditing experience across various types of industries

Industry-specific knowledge is highly advantageous when you’re trying to detect and eliminate under-performance and noncompliance. Our NAFA investigative team is comprised of audit professionals who have served a broad range of industries. We know the business processes and nomenclature specific to those sectors. Some of the industries for which we have conducted detailed contract compliance audits include:

  • Construction
  • Manufacturing
  • Marketing
  • Retail
  • Transportation

Whatever industry you’re in, NAFA is ready to provide the support you need to uncover points of noncompliance, so you can address them through the appropriate channels.

Contact North American Forensic Accounting for effective contract compliance audits

When substandard contract compliance threatens your bottom line, you can protect your company from unnecessary losses. NAFA performs contract compliance audits that pinpoint deficiencies in performance. To learn more, call us at 347-286-4860 or contact one of our offices online to schedule an appointment. NAFA serves clients from offices throughout the United States, including in Philadelphia, Pittsburgh, New York City, Atlanta, Charlotte, Miami, and the Tampa Bay Area.