Final answer:
Procurement audits are systematically conducted at the contract closure stage to gather lessons learned in the procurement process. They aim to improve future procurement activities by examining the entire life cycle and ensuring compliance and effectiveness.
Step-by-step explanation:
​Procurement audits are reviews often performed during contract closure to identify lessons learned in the entire procurement process. These audits are a systematic and independent examination of procurement activities, aiming to assess compliance with the terms and conditions of the contract, the effectiveness of the procurement process, and to capture learnings that can be applied to future projects.
Through a procurement audit, organizations examine the complete life cycle of procurement from planning to contract award, management, and closure. It is vital to carry out these audits so that companies can continuously improve their procurement practices, ensure contract compliance, and safeguard against risks such as overspending, poor quality, or delayed delivery times.
Answering the student's question, procurement audits fit the description of reviews performed during contract closure aimed at gathering lessons learned throughout the procurement process.