Audit Partnership’s comprehensive Statement Reconciliation Audit offers a full review of all supplier statements aiming to identify, investigate and recover any outstanding credit entries, overpayments and incorrect postings.
Accounts Payable Audit
Accounts Payable Audit
Accounts payable inaccuracies inevitably occur due to a variety of reasons. These include human error, system changes, staff turnover or even just sheer volume of invoices being processed.
We provide a no risk, end-to-end recovery audit solution that delivers maximum recoveries and minimum disruption. Using a combination of in-house developed software and expertly trained auditors, Audit Partnership offer an unrivalled level of coverage with no cherry-picking in order to identify and recover all errors that exist. As part of our true partnership approach, we also provide industry leading management information and reporting. This gives full transparency and root cause analysis information, along with recommendations and training, to reduce the number of errors being made in the future.
As part of our review across both your direct and indirect spend, our expert team of auditors will identify, investigate and recover:
- Duplicate payments/overcharges
- Incorrect payments/ payments to the wrong vendors
- Credits processed as invoices
- Invoice overpayments
- VAT input errors
- Statement errors.
Significant benefits include:
- Additional monies to your bottom line
- Minimize future leakage of profit
- Removing the burden from Accounts Payable, allowing them to focus on current issues
- Reducing the number of supplier queries
- Identify improvement areas for processes and training needs for employees.
Process and Data Requirements
Initially, all we require to perform the review is your complete accounts payable transactions file and supplier master file. We tailor the process to suit your requirements, working in a genuine partnership approach. Our process is designed to maximize claim success rate and minimize the impact and disruption to you. Our standard process is:
- Collection and processing your data into an auditable format
- Review of data and identify potential claims
- Manual validation of potential overpayments and identify root cause
- Contact approved suppliers to request refunds
- Recover funds to your bank account
- Provide detailed claim and work in progress reports
- Deliver practical management recommendations which minimize any future leakage.