We are all aware of the saying, ‘by failing to plan, you are preparing to fail’. But sadly, this is an all-too-common observation we make when we audit contract management.

Audit quality has been at the forefront of the minds of regulators, standard setters, and stakeholders in Australia and overseas for many years.

Regulation is a core function of government, ensuring services that touch all our lives are safe and fair. Regulators need to plan their compliance and monitoring programs well, but this provides little value if they do not act on their plans.

Governments often need to make decisions and implement policies in a rapidly evolving environment, such as when responding to natural disasters or other economic and environmental crises. The urgency of the COVID-19 pandemic is a similar example.