Recovery Audits and Contract Compliance - Types and Strategies to Improve Controls

Why Should You Attend:

Less than half of all companies routinely do in-house recovery audits or use third-party auditors to find and recover duplicate and other overpayments. Most of these audits focus on reviewing AP transactions. Companies that do such audits typically recover significant amounts of money, identify and implement process improvements, increase controls, reduce fraud and learn how to eliminate overpayments before funds are disbursed.

Few companies do specialty audits and contract compliance audits. Specialty and contract compliance audits are typically more complex but can identify and recover significantly more overpayments.

This webinar will provide guidance to attendees as to what can be done in-house and what should be outsourced to third party firms. You will learn how to decide what types of audits you should do, what to look for and what you can expect to recover. You will find out what you should put into your contracts and purchase orders and up-front controls that you should put in place to reduce the number and amount of errors and shorten the detection and recovery process.

Areas Covered in the Webinar:

• Why You Should Do Audits
• How the Use of Recovery Audits and Contract Compliance Has Evolved
• Why Organizations Don’t Do Audits
• Audit Goals
• The Size of the Problem and Opportunities
• Type of Problems and When They Happen
• Types of Audits Including Purpose, Potential Opportunity and Key Issues
• 6 Types of Recovery Audits
• 12 Types of Contract Compliance Audits
• 8 Types of Specialty Audits
• Recovering and Eliminating Erroneous Payments
• Recovery Strategies
• Reduction and Elimination Strategies
• How to Shorten the Detection and Recovery Process
• Best Practices

Who Will Benefit:

• Accounts Payable, Purchasing and Shared Services Managers and their staff
• Controllers
• Information Technology Professionals Who Support Accounts Payable and Purchasing
• Internal Auditors
• Product Managers and Developers of ERP, Purchasing and Financial Accounting Systems

Instructor Profile:

Jon Casher, president of Casher Associates Inc., specializes in project management, process management and information technology consulting. Mr. Casher has worked with hundreds of organizations in the public and private sectors providing guidance and assistance on a broad range of financial operations, accounts payable, accounts receivable and procure-to-pay topics.

He was a member of the Board of Directors of a NASDAQ listed company from 2000 and head of the Audit Committee from 2002 until it went private in September 2006. He led the company’s effort to comply with Sarbanes Oxley as well as many other regulatory matters.

He has written two books, chapters in several other books and more than 50 articles and white papers. He currently presents over 40 conference sessions, workshops, web casts, and audio conferences each year. He has been a guest lecturer on information technology and entrepreneurship at the Harvard Business School, M.I.T.'s Sloan School of Management and Boston University. In addition, he was a lecturer at Boston University and Northeastern University where he taught graduate courses in computer science.

Topic Background:

Companies often do not realize how much money is paid out erroneously. Recovery audits have long been a best practice in many companies and can often recover 0.5% of total expenditures and add to a company’s bottom line. Contract compliance and specialty audits are done much less frequently but can recover 1% or more of total expenditures with recoveries of 5%-20% of certain types of expenditures.

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