Procurement audit is an official business process that is used to review and assess the effectiveness of an organization’s procurement system. It is a systematic review of the procurement process to ensure that the organization is obtaining the best value for its money and that all procurement activities are conducted in accordance with applicable laws, regulations, and policies. The audit typically covers all aspects of the procurement process, including the selection of suppliers, the negotiation of contracts, the evaluation of bids, the management of supplier relationships, and the monitoring of performance. The audit may also include an assessment of the organization’s risk management practices, internal controls, and compliance with applicable laws and regulations. The goal of the audit is to identify areas of improvement and ensure that the organization is obtaining the best value for its money.