You’ve decided to do a marketing contract compliance audit, you’ve discussed whose budget is going to fund it and now you want to find a suitable provider to do the work. Where should you start?
Contract Compliance Audits
As we look back at 2016 and the world of agency relationships…
Having read “The 105th thing on your to do list” you will now know what kind of audit you’re looking to conduct. So what’s the next step? Before you go out looking for an auditor, you need to check that you are actually ‘allowed’ to audit your agency and, if you are, what can and Read More
So imagine the scenario: you’ve got a set marketing budget that seems to be squeezed year-on-year; new opportunities arise that need to be tested; old, well-trodden routes to market need to be sustained; constant evaluations need to be done to ensure you’re nimble and maximizing the opportunities; and your parent company has just issued the Read More
From the perspective of any marketing contract compliance auditor, the results of the ID Comms 2016 Transparency Survey are music to their ears. For Financial Progression, the results mirror exactly the ethos on which the business was established: namely that the more brands understand the financial realities and business models of agencies, the more readily Read More
Most brand/agency contracts state that an agency needs to hand over to their client any rebates received from third parties used on their account, whether specific or on a ‘fair share’ basis (e.g. annual volume bonuses). The question is how do you know that you are getting all your rebates back? Our experience tells us Read More
In April 2014 legislation was approved by the EU Parliament and adopted by the Council of the European Union to make the audit market in the EU more competitive. Key measures are that Public Interest Entities (PIEs) will have to change the audit firms that review their year end accounts at prescribed intervals and the Read More
When done in the right way, contract compliance audits of marketing services agencies deliver far more value to both client and agency than simply identifying accounting errors. That was the message delivered by Philipp Schuster of adidas Group at the ProcureCon Marketing Conference held in London in June.
Cast your mind back to your toughest ever panel-based job interview? Now make it even tougher and it will pretty similar to the grilling I received a few months ago from the European FD of a global agency network and his UK counterpart. This was before we had even started the audits of their agencies!
As I read through the agency’s feedback on our draft audit report, I was somewhat surprised. Apparently, “We [the agency] provided all necessary documentation during the audit. There was only one exception, the [words deleted].” The reason why they hadn’t complied with this one (as it happens rather important) clause, was they had a group Read More