Any time an audit produces “findings” (whether money can be recovered or not), there are often lessons to be learned. While organizations are undoubtedly interested in prevention and control, less emphasis seems to be placed on the value that an audit can provide and what can be learned from the process. We believe that far too many organizations underestimate the value of the audit process. We further believe that the owner’s ability and decision to conduct audits provide them with the unique ability to independently obtain, evaluate and disseminate information that may not ordinarily be available. Audits are a strategic and powerful tool that should be used by management to verify all pertinent aspects of the business arrangement. Strength and leverage in the negotiation process (that is supported by verifiable fact) is just one example of how an organization can apply lessons learned from an audit. And, perhaps no tool may be more powerful to an owner (from a negotiation standpoint) than in the area of pre-contract auditing. For emphasis, we will again reiterate the importance of entering into a good contract. But, for too many owners, reliance in achieving that stated objective is often accomplished without auditor involvement or input.