Paul’s Pricing Dictionary: Pricing Audit

 

Pricing Audit, n.

Internal Audit’s favorite choice of audit which they do as often as they can because it’s the most interesting thing they can find to audit. It’s an area of the business where they know they least, can learn the most, and it’s actually interesting.

Having said that, I’ve been totally underwhelmed by Pricing Audits either completely missing what’s important – such as critical business processes which weren’t being performed, key metrics not identified let alone measured, and incomplete pricing strategies etc – or avoiding difficult issues, like breaking up audit finds and spreading them across the organization because they didn’t want to appear to be “victimizing” one particularly delinquent group.

If you’re relying on a Pricing Audit by your Internal Audit to identify your pricing issues, don’t. Get someone in who knows something about pricing. Call 281-782-9821.

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