“Won’t our auditors pick up the errors?”
Auditors have moved away from large-scale substantive transactional testing and will only look at potential errors if they have a high materiality level. Also, auditors utilise junior, inexperienced staff to perform parts of the audit. We only utilise experts with many years of experience.
“We use state of the art IT applications and have strong internal controls. You won’t find anything."
All the companies for whom we have performed reviews have had errors – some big, some small. Many of our clients are large corporations with strong internal control functions.
“Won’t it use up company time and resources?"
We work mainly offsite. We will liaise with your IT department for the relevant data required. We will need some assistance to show us how documents are filed and payments/certain transaction types are processed. After that, we can access all the documents that we might need, with the client’s authority.
“What about confidentiality?”
As is the case with your auditors, we have no intention of using your data for any purpose other than to perform a professional service. However, we do enter into a non-disclosure and confidentiality agreement with our clients.
“How much money will you recover, and how long does the process take?”
The duration will obviously vary with the size of the client and the number of transactions under review. On average, the review would take between four and eight weeks from data acquisition. During this time, a maximum of 5 days client interface is required across finance, IT and AP. Our team have to date recovered more than R750 million for clients and results in excess of R5 million are often achieved.
“How much will it cost?”
We work on a no recovery no fee basis. Our fee is a percentage of savings achieved.