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This service provides valuable corroborative information to the top level management about the financial status. Regular audits and internal reviews are usually focused on compliance with statutory and mandatory provisions. Major errors and frauds are not necessarily addressed unless they fall within the scope of such audits and internal reviews. In any case fraud detection is never the main objective and therefore very often the results do not zero in on the real business risks and leakages. For example these exercises may not throw out duplicate bills, missing invoices or receipts, which could happen either on account of fraud or error. If significant errors and risks are allowed to go unnoticed they actually motivate fraud. These business intelligence services provide a kaleidoscopic appraisal of any given area such as receivables, payables, cash and bank transactions, inventories payroll etc. The review is multidimensional with specific focus on possible leakages after assessing the control deficiencies.
Use of Audit Software in such financial
investigations can provide:
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Instances of duplicates (Financial) :
Expenses, purchases, services, invoices, inventories,
payroll etc
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Instances of duplicates (Non financial) :
Swipe cards, data entry, master codes, cheque numbers,
items in an inventory etc.
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Instances of gaps or missing numbers: Cash
receipts, Inward documents, Dispatch notes, Cheques
issued, Invoices, etc
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Facilitate data querying and filtration
of volumes into sensitive and meaningful data. e.g.
filtering 5000 payments into those over Rs. 1 lac, or
those pertaining to a particular vendor or for a group or
for any given condition.
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Reliability of in-house software. e.g.
counter check of in-house receivables' report by
generating a similar report from our software. However
for this the data access and detailed system review is
necessitated.
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Other anomalies and stray transactions
using various mathematical tools such as Benford's
Theorem.
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