No Recovery – No Fee

Artesium’s Recovery Audit Approach

The main steps in the Recovery Audit and Accounts Payable Audit process are:

Confidentiality

Before proceeding, Artesium will provide a signed Confidential Information Agreement.

Data acquisition

Artesium will provide an outline of our data requirements from your ERP system.  We will liaise with your IT department to agree upon the simplest and most convenient method of providing an extract of invoice, payment and supplier data.

Data conversion and verification

Artesium will convert the data extracts and verify the output using sample documents provided by you.

Audit commencement

Artesium’s audit will start with an Entrance Conference with a small number of your staff at which we will explain the work which we intend to do and our methodology.  After this meeting, we will ask for some initial familiarisation with your business processes and IT systems.

Recovery process

Using our proprietary audit software and our knowledge database, we will identify apparent overpayments. We will research these both in your archives and through on-line enquiries in your ERP system.  Having discussed these with your staff, we will contact the suppliers and arrange for refunds to be made directly to your finance department.  If you are currently trading with a supplier, we will obtain the supplier’s written authorisation to deduct the overpayment from a future remittance.  For each recovery, full supporting documentation will be provided for you to retain as part of your accounting records.  We will do all the work involved in the recovery process without disturbance to your staff or to your business.

Contract compliance

Artesium will offer to review your documentation and check that suppliers have complied with the financial terms and conditions of their contracts with you.

Weekly feedback

We will provide you with weekly feedback on our progress.

Reporting

At pre-agreed intervals, Artesium will provide you with reports on the recoveries which we have made.  We will provide written reports on our findings, together with our recommendations, where appropriate, for improvements to your processes and controls.

Audit closure

Artesium will hold an Exit Conference with you during which our findings, reports and recommendations will be discussed.  We will not leave you with any outstanding issues with suppliers. We will ask you for your feedback on our services and we will maintain an ongoing business relationship with you.