Our Team Collected
Specialty Retailer/Mass MerchantAfter 20 years of collecting $3 million a year in audit recoveries our team collected $7 million for our first Primary audit.
Our team was hired to do a secondary audit for a well-known mass merchant with 8,000 locations and $20 billion in annual sales. Through our efforts, we identified previously unaudited areas and recovered an additional 40 percent of what the long-standing firm recovered for the same period, exceeding the generally acceptable range of 15 percent to 25 percent. The incumbent firm also happened to be one of the largest firms in the industry.
As a result of this outstanding performance, the team was awarded the primary audit for the next audit period. In the first primary audit we performed, the team more than doubled historical recovery dollars identified by the previous long-standing firm. We continued to double findings for the company in the two subsequent annual audits.
Our team was successful because of our proven, organized, methodical and comprehensive approach to the audit. Our approach and processes led to the identification of seven previously unnoticed areas of funds that went uncollected for many years.
We also provided process improvement recommendations so that immediate corrective actions could be taken when necessary. Although this client was not able to implement our recommended changes, we worked to ensure all funding was collected and created efficiencies in the audit process that allowed the organization to realize savings.
Our Work Increased Recoveries By
Specialty RetailerOur work for a nationally known specialty retailer increased recoveries by 60% over previous audit findings.
Our team members performed a secondary audit for a specialty retailer with more than 4,000 independently owned locations across the globe. As an organization, it reports $18 billion in annual sales, including $4 billion at the warehouse level, where our efforts were focused. Our team members identified three large areas of recovery that had gone unnoticed by the client’s long-standing incumbent audit team – a large, big-name firm.
Our recoveries were as much as 60% of the incumbent firm’s primary findings for that same period. After several years of similar findings and results, our team was chosen as the retailer’s primary auditor.
Our team also recommended opportunities to improve the organization’s processes and controls, and provided regular updates on our findings to create a transparent audit experience.
Our Work Increased Recoveries By
Wholesale CooperativeWe identified two new claim types that increased recoveries from $2 million to $6 million for a wholesale cooperative.
In a secondary audit, our team members identified 35 percent more in missed collections for our client, a member-owned retail cooperative with stores in 58 countries. As an organization, it has $15 billion in annual sales, including $1.8 billion at the warehouse level.
Our work helped us get promoted to the primary position, where we identified two new claim types that increased total recoveries from $2 million to nearly $6 million. By communicating regularly in a professional and transparent way, our client was able to recognize the leakage and risk to their business.
Our client took advantage of our progress update and recommended action to limit the risks of losing valuable lost profit, which allowed the wholesaler to recover dollars internally rather than through a post audit process. This reduced our client’s overall costs and accelerated the collection of dollars due.