Most fiscally responsible entities conduct an audit of existing contracts

Most fiscally responsible organizations conduct an audit of their existing operating expenses and associated contracts before the end of the year to ensure the following:
1- The cost of current contracts is within the acceptable range of similar contacts across the nation.
2- The terms and conditions are compatible with the standards established by the most recent and similar negotiated national contracts.
3- There are documented competitive quotes on file to protect against any external audits and compliance requirements.