Conducting a Successful Purchasing Audit

Live Webinar

Webinar Details $219

  • Webinar Date: December 10, 2024
  • Webinar Time: 2:00pm - 3:40pm EST   live
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Michael W. Gozzo
  • Topic:   Purchasing
  • Credit:   ATAPU 1.5, CPE 2.0, QPANJ 2.0, ISM 1.5
All Access Membership

If you have a purchasing function then a purchasing audit is a critical tool you should already be using.  Join Michael Gozzo as he explains the difference between an internal and external audit, why audits are so important and how often you should be doing them. He will also explain the importance of who should be conducting the audit and what qualifications they should have.  You will walk away from this webinar with an understanding of how to organize the audit, how to record your findings and what actions you should be taking with the findings.

Your Benefits of Attending:

  • Gain critical insights into what is causing performance issues.
  • Understand how to get a picture of your performance and how to use that to improve.
  • Learn how to use the audit to ensure your are using the latest and best practices.
  • Gain a disciplined mechanism for ensuring compliance to required practices.

Join Michael Gozzo and learn how to add a purchasing audit to your toolkit.

  1. Introduction
  2. Content 00:02:12
  3. What is an Audit 00:02:59
  4. Auditing Principes 00:04:12
  5. Audit 00:05:57
  6. Types Of Audits 00:06:47
  7. Internal Audit 00:08:37
  8. Why Perform An Audit 00:11:34
  9. Benefits Of An Audit 00:11:50
  10. Competitive Advantages 00:14:02
  11. Purchasing - Profit Center 00:15:31
  12. Strategic Planning Questions 00:17:05
  13. Strategic Questions 00:19:10
  14. Strategic Questions Continued 00:21:11
  15. Who Is To Do It? 00:22:46
  16. Characteristics Of An Auditor 00:23:06
  17. How To Do An Audit 00:24:30
  18. Audit Result Summary 00:28:14
  19. Numerical Scores 00:32:14
  20. Internal Audit Report 00:33:21
  21. During The Audit 00:35:42
  22. Corrective Action 00:39:19
  23. How To Do An Audit 00:41:00
  24. Pitfalls That Can Damage The Program 00:41:14
  25. Survey Samples 00:45:33
  26. Developing Criteria For Supplier Selection 00:46:01
  27. Selection Criteria 00:47:09
  28. Supplier Checklist 00:48:28
  29. Checklist Continued 00:49:24
  30. The Supplier Survey 00:52:50
  31. Who To Do Survey? Organization 00:55:09
  32. Organization Continued 00:57:39
  33. When To Re-Survey 01:01:12
  34. When To Do An Audit 01:03:40
  35. Developing Sources Of Supply 01:03:49
  36. Qualifying The Supplier 01:04:47
  37. Financial Considerations 01:06:09
  38. Performance Evaluation 01:07:40
  39. Evaluation Continued 01:11:39
  40. Procurement 01:14:26
  41. Purchasing Administration 01:17:13
  42. Measures Of Improved Supplier Performance 01:18:04
  43. Reporting & Documenting Results 01:21:41
  44. Benchmarks Of Purchasing Performance 01:23:10
  45. Purchasing Ethics In Supplier Relationships 01:24:19
  46. Supplier Related Quality Costs 01:25:07
  47. Supply Related 01:26:59
  48. Supply Related Continued 01:28:05
  49. Benchmarks 01:29:51
  50. Appraising & Controlling Purchasing 01:32:16
  51. Conclusion 01:33:50
  52. Recap 01:35:01
  53. Q & A 01:38:06
  54. Closing Remarks 01:38:30
  55. Presentation Closing 01:43:01
  • Audit 00:02:31, 00:03:05, 00:05:57, 00:07:40, 00:09:36, 00:13:05, 00:19:24, 00:22:16, 00:33:30, 00:35:49, 00:41:57, 00:53:34, 00:57:12, 01:01:55, 01:07:07, 01:18:59
  • Business Management System (BMS) 00:08:37
  • CAPA - Corrective and Preventive Actions 00:29:51, 00:32:02, 00:44:40
  • Corrective Action (CA) 00:39:26
  • Cost 00:16:32, 01:12:05, 01:25:17
  • External Audit 00:07:02
  • Incentive Stock Options (ISO) 00: 00:04:34, 00:08:50, 00:32:38, 00:36:22, 00:46:27, 00:50:23
  • Internal Audit 00:07:03, 00:09:37, 00:34:02
  • Inventory 00:48:28, 01:19:07
  • Lead Time 01:09:47, 01:15:40
  • Procurement 00:16:49, 00:59:28, 01:12:37, 01:14:30, 01:17:05
  • Situational Analysis 00:17:05
  • Supplier 00:05:03, 00:07:26, 00:17:40, 00:21:37, 00:33:50, 00:37:07, 00:46:14, 00:48:02, 00:52:52, 00:58:28, 01:03:57, 01:12:29, 01:16:44, 01:24:36
  • Total Cost 01:15:49
  • Total Quality Management (TQM) 00:48:28
  • Vendor Management Inventory (VMI) 00:16:19, 01:16:34

Audit: A formal examination of an organization's or individual's accounts or financial situation

Business Management System (BMS): A multilevel hierarchy of business solutions that represent how a profit-oriented organization will carry out different functions (like Sales, Purchasing, Marketing, Staffing) to accomplish a task and achieve a goal successfully.

CAPA - Corrective and Preventive Actions: Corrective and preventive action consists of improvements to an organization's processes taken to eliminate causes of non-conformities or other undesirable situations.

Corrective Action (CA): To remove the root cause and prevent a problem from ever happening again.

Cost: The sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location

External Audit: An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification is required by certain investors and lenders, and for all publicly-held businesses. The objectives of an external audit are to determine:The accuracy and completeness of the client's accounting records; whether the client's accounting records have been prepared in accordance with the applicable accounting framework; and whether the client's financial statements present fairly its results and financial position.

Incentive Stock Options (ISO): Incentive stock options, are a type of employee stock option that can be granted only to employees and confer a U.S. tax benefit. ISOs are also sometimes referred to as statutory stock options by the IRS. ISOs have a strike price, which is the price a holder must pay to purchase one share of the stock.

Internal Audits: Internal audits evaluate a company's internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection.

Inventory: A company's inventory typically involves goods in three stages of production: raw goods, in-progress goods, and finished goods that are ready for sale. Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilization.

Lead Time: The number of days from when a company places an order for supplies, to when those items arrive.

Procurement: Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.

Situational Analysis: A detailed examination of a company's market presence based on internal and external factors.

Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.

Total Cost: Total cost is the total expenditure incurred to produce some type of output. From an accounting perspective, the total cost concept is more applicable to financial reporting, where overhead costs must be assigned to certain assets.

Total Quality Management (TQM): Total quality management consists of organization-wide efforts to "install and make permanent climate where employees continuously improve their ability to provide on-demand products and services that customers will find of particular value."

Vendor Management Inventory (VMI): A supply chain agreement where the manufacturer or supplier takes control of the inventory management decisions for the seller or retailer.

ATAPU Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in purchasing.

CPE Credit

Continuing Professional Education

Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.

QPANJ Credit

Qualified Purchasing Agent - New Jersey

ISM Credit

Institute of Supply Management

This program may be used for Continuing Education Hours (CEH) toward recertification for programs offered by the Institute for Supply Management®, including the Certified Professional in Supply Management® and Certified Professional in Supplier Diversity®.


What our customers are saying


Guest Speaker

  • Michael W. Gozzo

Speakers Performance Based On Past Webinar Survey Results

Average rating

3.4 / 5

This speaker has received a total of 56 survey responses. Attendees have given an average rating of 3.4 stars out of a possible 5, reflecting on the speakers performance on the following questions.

Overall, how satisfied were you with this presenter?
3.6 Stars
How closely did the presenter follow the schedule?
3.3 Stars

Reviews From Past Webinar Surveys

Our webinars are crafted to deliver exceptional value and insight to business professionals. To ensure we meet and exceed your expectations, we conduct thorough post live webinar surveys. Below, you'll find genuine feedback from attendees, sharing their thoughts on the speaker's performance. These reviews highlight our commitment to continuous improvement and excellence in providing top-tier educational experiences.

Nita J.
October 16, 2024
3.5 / 5
Satisfaction Rating:
3.0 Stars
Follow Schedule:
4.0 Stars
Do you have any other comments, questions or concerns?
The presentation was informative, I felt that some of the material was repeated in different ways.

Laura K.
August 21, 2024
4 / 5
Satisfaction Rating:
3.0 Stars
Follow Schedule:
5.0 Stars
Do you have any other comments, questions or concerns?
Michael Gozzo definitely needs to be allotted more time for his presentations. They are full of information, and I believe if he had more time, he wouldn't have to rush through the end.

Jill S.
August 21, 2024
1.5 / 5
Satisfaction Rating:
2.0 Stars
Follow Schedule:
1.0 Stars
Do you have any other comments, questions or concerns?
The material was very basic - this should be advertised as a "beginners course". The presenter rambled and his phone was constantly ringing in the background which was very distracting

Kenneth W.
August 21, 2024
1 / 5
Satisfaction Rating:
1.0 Stars
Follow Schedule:
1.0 Stars
Do you have any other comments, questions or concerns?
Presenter went way over allotted time which caused major meeting conflicts.

Gabriela O.
August 20, 2024
4 / 5
Satisfaction Rating:
4.0 Stars
Follow Schedule:
4.0 Stars
Do you have any other comments, questions or concerns?
Good reminder of concepts.

Jill S.
August 15, 2024
3.5 / 5
Satisfaction Rating:
5.0 Stars
Follow Schedule:
2.0 Stars
Do you have any other comments, questions or concerns?
The presenter was not engaging. This was manufacturing foward, where I come from distribution. This was not noted in the description. The material in the presentation was very basic and obvious.

Jessica L.
August 15, 2024
4 / 5
Satisfaction Rating:
5.0 Stars
Follow Schedule:
3.0 Stars
Do you have any other comments, questions or concerns?
No comments or questions

Maritza R.
July 25, 2024
1 / 5
Satisfaction Rating:
1.0 Stars
Follow Schedule:
1.0 Stars
Do you have any other comments, questions or concerns?
These events should be a little more interactive instead of just having someone continue to talk without asking questions to see if we are understanding what they are presenting.

George J.
July 25, 2024
4.5 / 5
Satisfaction Rating:
4.0 Stars
Follow Schedule:
5.0 Stars
Do you have any other comments, questions or concerns?
Good topic.

Karen H.
July 25, 2024
3 / 5
Satisfaction Rating:
3.0 Stars
Follow Schedule:
3.0 Stars
Do you have any other comments, questions or concerns?
Three of the screens/print out not legible.Presenter seemed distracted part of the time. Phone rang in middle. Time went over.
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