The Importance of Audit Trail

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Years and years ago, when men drove ships to conquer new territories, they kept a logbook to mark their steps. Today, people, as captains of their own businesses, have replaced logbooks with audit trails.

In a simple form, an audit trail is a daily journal of everything you do, from coffee receipts to strategic decisions, keeping a detailed map of the work you’ve put into completing projects. The audit trail is vital to any process which involves your operation’s finances and assets. In its most basic form, the audit trail is a record of all activities part of an operation, procedure or event your organization has been involved in.

There are many reasons for which an audit trial is important:

Development

Because it helps you understand the growth of your projects. With audit trails you can detect and change faulty business patterns, by revealing weaknesses and strong points in the procurement process.

Security

An audit trail can show you exactly who is involved in each operation. This way you limit the risks and are able to do damage control if the situation requires – think of it as a personal business armor.

Transparency

You always have to work within the legal framework and be prepared when official controls occur. With an audit trail you save time and legal fees if all your entries are clear and accessible.

Back-up

An audit trail is a stripped down model of the entire procurement and administration process that can help you repeat or reconstruct a project.

 

What’s the best way to keep an Audit Trail?

Even today procurement people drown themselves in paper, excels files, scattered documents and keeping a quasi-audit trail by hand. Just another thing added to the large amount of papers a procurement process generates.

Just imagine, for example, if you need to look for some figures from a few years ago.  You have to go through various books or folders to find the info – a sure way to lose precious time. Or another example, let’s suppose you discover some mistakes or possible frauds and you need to find out how it happened. Without a clear evidence of every step of the process, every person involved and every decision taken you will not get to the bottom of the problem.

This is why any modern business needs a tool for keeping an audit trail.

Prokuria is here and ready to help with the audit trail for procurement process. Prokuria offers full details about the RFPs or reverse auctions you executed, in detailed reports about the offers received, people involved in the process and suppliers selected.

Don’t live in yesterday’s land: try Prokuria now and see how easy is to have an audit trail at your fingertip.

Alina

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