Compliance

Neuven Audit Solutions

Neuven Finance

In 2015 Neuven were approached to carry out a number of Financial Reconciliation audits. The purpose of the audits is to ensure that all framework suppliers are providing the correct management information (MI), that all sales are procured via the framework and the MI is reported and submitted in a timely manner. The aim of the audit is to recover any missed revenue where ongoing MI returns are not wholly accurate.

Neuven work with the client to get an accurate view of purchase orders and spend within the specific time frame. This can then be compared and contrasted to the suppliers sales ledger and allows Neuven to carry out a number of tests:

  • Test 1 – Check the net amounts of the invoices that have been submitted on the MI return are correct
  • Test 2 – List all invoices against the pre-recorded PO and request to see the invoice on a client’s return
  • Test 3 – Sales ledger account for Associate Member of the given framework. Spot check Sales Ledger vs MI, evidence and supplier returns.
  • Test 4 – Request to see sales ledger account for Core Member. Spot check Sales Ledger vs MI, evidence and supplier returns.

These tests are then evaluated and summarised as part of a full audit report which is presented back to the client. So far Neuven have uncovered in excess of £3 million in undeclared framework sales and over £850,000 in missed revenues for clients.

At a Glance
  • Detailed framework supplier audits
  • Full audit report presented back to client
  • 4 levels of testing carried out
  • Over 270 audits carried out over 18 months
  • Over £30 Million in sales analysed
  • Uncovered over £3 million undeclared sales
  • Recovered over £850,000 in missed revenue

FIND OUT MORE

To find out more about how Neuven can benefit your business, please get in touch by navigating to our Contact page and sending us an enquiry.

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