Incorporating Sustainability into Indirect Procurement: The Audit Approach

Andreea Larisa Olteanu (Burca) (), Alina Elena Ionascu () and Daniel Lipara ()
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Andreea Larisa Olteanu (Burca): Bucharest University of Economic Studies, Bucharest Romania
Alina Elena Ionascu: “Ovidius” University of Constanta, Romania
Daniel Lipara: “Ovidius” University of Constanta, Romania

Ovidius University Annals, Economic Sciences Series, 2024, vol. XXIV, issue 1, 687-693

Abstract: This study investigates how to integrate sustainability into indirect procurement and develop an efficient sustainability audit process. Using a qualitative approach, the research analyzes relevant articles, reports, and regulations from various countries. In today's business environment, incorporating sustainability into procurement is essential for enhancing corporate responsibility and efficiency. The study highlights the importance of audits in identifying and mitigating environmental and social risks in indirect procurement. Comprehensive audit procedures, including supplier evaluations, compliance checks, and performance monitoring, are crucial for promoting sustainable procurement practices. The findings show that a well-structured audit approach ensures adherence to sustainability standards, promotes transparency, and fosters continuous improvement in the supply chain. The paper concludes with recommendations for effective audit strategies to achieve sustainable indirect procurement. Global economic development varies, and corporate governance sets rules to ensure transparency and security for investors. Non-financial reporting is increasingly important, with companies evaluated on social and financial metrics, leading to more sustainability reports following GRI standards.

Keywords: sustainability; ESG (Environmental; Social; Governance); indirect procurement; supply chain; sustainability audit (search for similar items in EconPapers)
JEL-codes: L14 M14 M42 Q50 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xxiv:y:2024:i:1:p:687-693

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