Broniec Associates, a leader in the accounts payable audit industry, offers contingency-based audits, raising the bar on standard recovery audit practices.
Online PR News – 09-May-2013 – Atlanta, GA – Businesses benefit most from a comprehensive audit, not just a surface review of their books. Working on a contingency basis means that the audit is only paid for when money is actually recovered. This gives auditors greater accountability for the outcome of audits which will, no doubt, lead to more robust audits and maximized recoveries.
Audit methodologies vary to some degree, and a contingency agreement is great motivation for companies to broaden their scope. A traditional audit is manual. Most companies now use some sort of proprietary software to take an automated look at your books. Some do both. The software approach can produce some valuable results; but, it is limited to finding things like duplicate entries and miscalculations. Manually sifting through the files will uncover the details of contract agreements. The best auditors will combine these two methods to produce superior results.
Not everyone who does an accounts payable audit will end up with hundreds of thousands of dollars of found money. It largely depends on the competence and thoroughness of the auditor. The best auditor, even if more expensive, will recover the greatest amount of money for the firm. According to Gerry Conheady, President and CEO of Broniec Associates, “A thorough review is the only way to ensure you are conducting a comprehensive audit and receiving the greatest possible ROI for the time and fees you invest in an audit.”
When recovering the greatest amount possible is in your mutual best interest, companies are assured a great audit. That is why Broniec made the decision to revolutionize the accounts payable audit industry with a guarantee on their results. Others are sure to follow.