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Recover More Call 800.530.1013
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Audit Methodology
What’s the best approach? Connolly Consulting takes the time to thoroughly understand each client’s needs and objectives before formulating a final approach. Connolly often goes so far as assisting clients in establishing custom audit guidelines. An understanding of the data available, the scope, sensitive areas, and relationships are all taken into consideration as a custom methodology is developed. A timeline and dedicated team is then assembled to perform the recovery audit. This methodology is based on years of conducting customized audits for hundreds of clients in diverse industries. |
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Location
Where do you want your audit? Part of Connolly’s customized approach is establishing a location that is non-intrusive and most effective in keeping client operations uninterrupted. Audit teams are capable of conducting work at your site or off-site at a Connolly Consulting local audit office. Field offices can be established nearby, or internal space can be used. Contract compliance audits often require auditing at your supplier's location. The location of the audit is ultimately decided based on client preference and needs. |
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Data Approach
Where does the data come from? Connolly Consulting’s approach to data acquisition is unique. Connolly analyzes all available sources of data, in each and every relevant system including non-traditional sources such as e-mail correspondence and imaged contract agreements. This data is aggregated into one centralized database. Once the data is consolidated, it can be mined by auditors for payment errors using proprietary search algorithms and processes. To support the auditors in this process, Connolly employs more data analysts than most audit firms — one analyst for every four auditors. It’s a powerful solution: flexible technology, experienced auditors, and insightful analysts. And, it’s a solution that recovers the most money possible. |
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Root Cause Analysis
What caused the problem? Connolly goes beyond to identify underlying reasons for payment and/or collection errors. Analyzing the root cause of errors allows Connolly to recommend process improvements that substantially reduce erroneous payments. Audit-specific findings, as well as best practice processes from prior audits, are considered when developing process improvement recommendations. Connolly supplies implementation advice with process improvement recommendations. |
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| How is money recovered? For accounts payable audits: once a claim is approved by the client, the collection process is initiated by submitting the claim to the vendor or provider along with a letter of explanation and backup documentation (invoices, purchase orders, cancelled checks, vendor correspondence, etc.). Money is typically recovered in the form of a check or debit memo. The Connolly auditor that authored the claim is responsible for recovery since he or she is most familiar with the detail and documentation necessary to support the claim. Connolly finds that this approach yields the highest recoveries while maintaining positive vendor relationships.
For Contract Compliance Audits: Once a claim is identified, it is discussed with the supplier, and agreement is reached to move forward in the collection process. The claim and its supporting documentation are then provided to the client for review. In most cases, money is recovered in the form of a check or credit memo. A settlement meeting is scheduled in order to reach consensus by all parties. |
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Reporting
How would you like that information delivered? Client reports are tailored to communicate findings clearly based on specific needs and requirements. |
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| Audit Status Reports |
| Status reports are published regularly to client specifications during the course of an audit to keep the client informed of progress at all times. The reports provide detailed information on recovery sources and error causes as they are revealed, instead of at the end of an audit. This allows the client to begin to implement corrections as soon as possible. |
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| Customized Reporting |
| Reports are customized specific to clients’ needs and expectations. Reporting requirements are determined during pre-planning meetings, but special analysis and consulting services are available on an ad hoc basis. Customized reports can contain information regarding payment processing, vendors, suppliers, and/or providers, as well as pricing trends, freight/delivery statistics, and beyond. |
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| Management Reporting |
| The management reports contain a summation of audit findings. In addition, it contains actionable recommendations to reduce or eliminate future errors. Trends and observations discovered during the audit are presented here, including: |
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| - Detailed and summarized analysis of claims and payments |
| - Internal control issues, concerns, and root causes |
| - Practical recommendations for improving internal controls & procedures |
| - Identifying opportunities for additional audit coverage |
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