Which description best captures rights that accompany audits of contract records?

• A. Audits should have access to records, inquiries, and the ability to request corrective actions.
• B. Audits require no access to pricing data.
• C. Audits are optional and can be conducted without notice.
• D. Audits may only assess financial transactions.

Answer: (A)

Audits of contract records require clear rights to enable a thorough and fair review. The best description is that auditors should have access to records, the ability to ask questions (inquiries), and the power to request corrective actions. Access to records lets the auditor examine invoices, pricing data, purchase orders, and supporting documents to verify compliance and costs. The ability to make inquiries provides a way to seek clarifications or additional information when something doesn’t align, which helps ensure the audit is accurate and complete. The right to request corrective actions gives a mechanism to address any findings—such as mis billings, documentation gaps, or policy violations—through timely adjustments or improvements, ensuring issues are resolved and future compliance is improved.

Access to pricing data is often essential for a complete audit, so saying there’s no access would undermine the process. Audits are usually required by contract and are not typically conducted without notice, and they commonly cover more than just financial transactions, including compliance and record-keeping practices.