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Procurement Terms

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Supplier Audit
A supplier audit is a systematic examination and evaluation of a supplier's processes, practices, and compliance with predefined criteria or standards. It involves a comprehensive review of various aspects, including quality management, operational capabilities, financial stability, social responsibility, and adherence to regulatory requirements. The audit aims to assess the supplier's reliability, performance, and ability to meet the buyer's requirements.

During the audit, documentation, records, and on-site inspections may be used to verify compliance. Supplier audits help mitigate risks, ensure supplier suitability, and promote transparency and accountability in the supply chain. They are essential for establishing and maintaining strong supplier relationships and ensuring quality and compliance in the procurement process.
Specialism:
Risk Management Supplier Management