What is the cost of a CFSP audit?
The cost of the audit is dependent on the type of SOR, location, volume and complexity of sourcing, and number of transactions over the audit period.
Smelters/refiners that voluntarily choose to participate in the CFSP pay for their audits.. The audit fee covers the third-party auditor’s time to conduct the on-site audit, develop draft and final audit reports, and travel expenses to the SOR site(s).
A SOR can minimize their audit costs by properly preparing and ensuring all required documentation is available during the onsite audit. This reduces the time auditors are present at the facility reviewing the sourcing documentation. Additional audit costs may be incurred if the auditor has follow-up questions after the onsite audit, a corrective action plan (CAP) is required, or if an on-site visit is needed to validate CAP implementation.