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Audits for Contracts and Construction

All contracts for materials, equipment, services and construction include a phrase similar to; “We (Buyer/Owner) reserves the right to conduct an audit by providing the Contractor notice forty-eight (48) hours advance.” However, there is often a complete lack of audits ever conducted. Part of this misunderstanding comes from the fact the statement itself makes audits appear optional and a belief by the buyer that no contractor or supplier selected would ever not meet their obligations. Audits are critical to identifying the root cause for a contractor’s failure to meet a project milestone, deliver a quality product, have a full crew on the jobsite or not completing the work connected to a progress payment. It allows you, the purchasing and supply management professional, to fully and effectively manage a contract while minimizing risk to your company. In this course, you’ll not only become aware of the audit types, you have at your disposal, you will gain an understanding of how and when to apply each type. Conducting an audit clearly sends a message to the suppliers and contractors you are carefully watching and validating their compliance. In addition, in this session we discuss the reasons why a contractor or supplier might be tempted into submitting fraudulent timecards, buying substandard components, or using less qualified labor thereby committing fraud on an organization’s contract. You will gain the tools and knowledge to support the value of conducting a specific audit and better appreciate the risk to your organization for failing to conduct a given audit. The session will give you a sampling of over 70 audit types inside 24 critical categories.

Member Price: $1,199.00

List Price: $1,499.00
Early Bird Pricing Ends on Jan 30 2022


Mar 1-2, 2022

Add To Calendar 3/1/2022 10:00:00 AM 3/2/2022 6:00:00 PM ET Audits for Contracts and Construction Online


Virtual Class
CEH Credits
Product Code

Additional Information


Prior to starting his own firm in 1991, William Agee, C.P.M., C.E.M, CMN, CPE, CPP, CPIM, SSBB, was a vice president in a large international management, consulting, and educational firm specializing in world class education, financial reviews and audits, procurement service, quality management, manufacturing and human resources. Agee has been involved in purchasing and materials management at various levels for over 30 years. His purchasing experience includes governmental (federal and state), wholesale, retail, service, industrial and manufacturing.

Previously, Agee was the Manager of Purchasing and Contract Administration at Allergen, Inc., a Fortune 300 corporation, which manufactures pharmaceutical and over-the-counter eye care products. While in residence, he also became familiar with the manufacturing and planning process for the 17 different lines of production both for their domestic operations as well as their international branches. Agee was also contracts manager for a large Department of Energy project where he oversaw the contracts development and management.

Additionally, Agee taught for Baylor University in the areas of purchasing and materials management. He developed a computerized purchasing simulation program entitled The Smart Buyer to provide realistic perspective of marketplace fluctuations and potential results. In addition, he has developed over 172 educational programs for organizations primarily focused in the areas of SCM, contracting and purchasing. He is the 2005 ISM Award Winner of the Howard W. Cosgrove Award for outstanding contribution to the profession.

Agee holds degrees in marketing and management. He is affiliated with many companies and organizations including the American Wholesale Marketers Associations, CIBA-Geigy, Allergen, Inc., American Contract Manufacturers Association (AMCON), The Fritz Company, Inc., Diamond Shamrock Corporation, Kodak, Medtronics Interventional Vascular. He is a CPE and CPP, both certified by the American Purchasing Society (APS) and a C.P.M. by the Institute for Supply Management (ISM). He has also been certified for the Certified Production and Inventory Manager by the American Society of Production and Inventory Control Society and Six Sigma Black Belt. In addition to being a speaker for ISM, he has held both local and national offices with the organization and has written several articles for leading purchasing and business publications.


What You Will Learn:

  • Over twenty-four categories of audits applicable: compliance, materials, manpower, cost, overhead, purchasing, financial, pre-qualification, close-out, and many more.
  • A review of two to five audits types inside the each category identified.
  • An overview and discussion of each audit type building your comfort of how to apply for its use.
  • The reasons why a contractor, supplier or vendor might be pushed into submitting fraudulent timecards and invoices thereby committing fraud on an organizations contract.
  • Appreciating that contract management begins from the pre-solicitation phase, through procurement, a critical part of fulfillment and contrct closeout.
  • The Fraud Triad and why it occurs and its never noticed until after the fact.
  • Matrices to aid you in knowing the TIME it takes to accomplish such an audit, the COST associated with accomplishing such a task and the RISK to the organization if the manager elects not to perform.

Virtual Class Schedule:

Day 1 - 10:00 am ET - 1:30 pm ET / 7:00 am PT - 10:30 am PT (3.5 hours), Break for Lunch
Day 1 - 2:30 pm ET - 6:00 pm ET / 11:30 am PT - 3:00 pm PT (3.5 hours)
Day 2 - 10:00 am ET - 1:30 pm ET / 7:00 am PT - 10:30 am PT (3.5 hours), Break for Lunch
Day 2 - 2:30 pm ET - 6:00 pm ET / 11:30 am PT - 3:00 pm PT (3.5 hours)

Who Should Attend:

This session is for all levels of procurement and supply management professionals, buyers, purchasing managers, contract administrators, contract managers, auditors, project managers and their management.

Terms And Conditions

Virtual Learning Transferals: Registrations are transferable without any charge to another ISM Virtual Learning Course occurring within 12 months of the original purchase. Transferring registrations to another party are subject to price variance or change based on membership status and an additional $50 fee will be incurred.

Cancellations Virtual Learning: Cancellations more than 5 weeks before the date of the course will incur an administrative charge of 50 percent. Cancellation within 5 weeks of the date of the event will be charged the full fee. You must notify ISM in writing of a cancellation.

Tax Deduction: The Internal Revenue Service may permit an income tax deduction to U.S. residents for expenses (including registration fees, travel costs, meals and lodging) incurred in pursuit of continuing professional education. Consult your tax adviser for details.

View full terms of service here.