Certified Texas Contract Manager Practice Exam

Which of the following correctly identifies the phases involved in post-payment audits?

1. Initiation, Execution, Closure

2. Planning, Analysis, Review

3. Collecting of information, Fieldwork, Reporting

4. Preparation, Assessment, Conclusion

The correct answer is: Collecting of information, Fieldwork, Reporting

The phases involved in post-payment audits are effectively described by collecting information, fieldwork, and reporting. In the context of post-payment audits, collecting information involves gathering all necessary documentation and data related to the transactions being audited. This can include invoices, contracts, and other relevant financial records. The next phase, fieldwork, is where auditors actively engage with the data, conducting examinations and tests to verify the accuracy and legality of the payments made. Finally, the reporting phase entails summarizing findings, presenting conclusions, and delivering recommendations based on the audit results. This progression of collecting information, engaging in fieldwork, and then reporting is critical to ensure that the audit is thorough and effective in identifying any discrepancies or areas for improvement.