Services
Four control areas where exceptions most often accumulate.
Each engagement is scoped in advance. The specific tests we perform depend on the agreed scope, the review period and the records available to us.
A
Financial Close & Reconciliation Controls
Establish whether period-end reconciliation controls are performed completely, on time and with adequate evidence of review.
Potential review areas
- Bank reconciliation completeness and timeliness
- Unresolved and aged reconciling items
- General ledger and subsidiary ledger differences
- Supporting documentation
- Management review and approval evidence
- Recurring reconciliation exceptions
Potential deliverables
- Exception schedule with supporting references
- Summary of aged or unresolved items
- Observations on review and approval evidence
B
Procurement & Payment Controls
Examine whether purchasing and disbursement transactions were authorized, documented and processed in line with policy.
Potential review areas
- Missing purchase orders or approvals
- Insufficient supporting documentation
- Duplicate-payment indicators
- Payment authorization
- Procurement-policy exceptions
- Corrective-action verification
Potential deliverables
- Listing of potential duplicate or unsupported payments
- Authorization and documentation exception summary
- Policy-exception observations for management review
C
Revenue, Utility Billing & Receivables
Assess whether billable activity is captured completely, rated correctly and followed through to collection.
Potential review areas
- Billing completeness
- Rate and classification discrepancies
- Unbilled or potentially underbilled accounts
- Unusual adjustments
- Receivables aging
- Collection and reconciliation exceptions
Potential deliverables
- Accounts flagged for potential billing or rate discrepancies
- Adjustment and write-off observations
- Aging and reconciliation exception summary
D
Corrective-Action Verification
Independently verify whether corrective measures taken in response to prior findings are in place and operating.
Potential review areas
- Previously reported audit findings
- Implementation of management's corrective measures
- Evidence that corrective controls are operating
- Recurring exceptions
- Outstanding follow-up items
- Concise management reporting
Potential deliverables
- Finding-by-finding verification status
- Evidence summary for controls re-tested
- Outstanding follow-up register
Review areas and deliverables above are illustrative of what an engagement may include. They are not commitments, and they do not constitute a statutory audit, an audit opinion or a guarantee of regulatory compliance.
Clarity in the numbers. Confidence in the controls.
Discuss how an independent review could complement your organization's existing financial-control and corrective-action processes.