With state-of-the-art technology and a team of experienced auditors, we conduct the industry’s most comprehensive analysis of your payments, policies and processes. A complete audit includes an electronic and manual review resulting in an in-depth assessment of where and why revenues are being lost. From these results, we design customized cost-saving solutions to fit your organization’s unique needs.
Electronic reviews are conducted using RSI’s suite of proprietary software tailored to the exact specifications of each client’s industry, accounting system and data file format. Our clients deliver data in the format and medium that is most convenient to them. More importantly, because data queries are customizable, our software’s ability to detect payment irregularities and inconsistencies is unmatched. Through the use of fuzzy matching logic, we identify approximately 50 categories of overpayment errors.
Manual audits are completed by intensive hands-on examinations of relevant documentation. Examples include vendor payments, third-party payments, purchase orders (PO), contracts, freight bills, statements, state tax accruals, masterfile terms, leases, co-op, rebate files, manifests, wires and LC’s, compliance and escheated funds. For our commercial clients, more than 40% of non-tax monies and almost 100% of tax monies recovered can only be identified through manual audits.
Anatomy of an RSI Audit
Pre-Audit Extraction and Document Collection
We discuss client objectives and customize the audit plan. RSI submits the data file layouts and retrieves the electronic information. Pertinent queries are processed and reports are generated. |
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Audit – Identification
We refine electronic reports to your specific needs and request and manually review relevant documentation to identify all possible overpayments and overcharges. |
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Audit – Verification and Collection
Potential recovery claims are verified using supporting documentation. Each claim is compared against client’s records to confirm no refund or credit was previously received. Claims are then communicated to third parties and assembled for collection. |
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Claims are submitted to vendors in a professional and courteous manner and associated refunds are recovered, collected or deducted accordingly. RSI provides you with regular reporting during your audit. At the conclusion of our review, RSI delivers a Best Practices Memorandum summarizing our findings in a narrative format. Included in this document are statistical results, known and possible sources of errors and practical recommendations to minimize the recurrence of overpayments and increase future efficiency of policies, personnel and procedures.
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Payment
Compensation for our services only comes after we have delivered recovered monies to you. We require no out-of-pocket expense from you to initiate your review. If we do not recover or save you money, there is no cost for our service. The only risk to you is not addressing the problem of overpayments.
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