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:
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.
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.