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Lexona seeks to offer an extensive range of audit services that will achieve returns for their Clients without incurring a net cost and can offer a global service
| | | | | | Core Service | | | | | | | 1. Core Service – Invoice Level Audit
Invoice Level Audit is the core service offered by Lexona. It involves a review of transactions at the “invoice totals” level of detail.
The objective is to identify invoices paid to the wrong supplier, paid in duplicate to the same supplier and under recovered VAT.
It is normal to include with this a circularisation of suppliers to help identify unrecorded credits for pricing and returned goods. This can help meet the increased reconciliation requirements arising from Sarbane-Oxley compliance standards.
Lexona will examine 100% of transactions within the statute of limitations i.e. up to six years old.
Expectation: It would be unusual to find more than 2 errors in every 10,000 transactions. Recovery values between 0.02 and 0.12% of spend might be achievable.
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Back to top | | | | | | | | | | Other Audit Services | | | | | | | 2. Contract Compliance Audit.
This type of exercise involves working with the Procurement Department of a Client.
The objective is to identify the pricing terms negotiated and then examine transactions to confirm that correct prices have been applied.
The process should identify missed discounts and rebates.
Unlike the invoice level audit, data is collected at “line item” level.
Expectation: A recovery level of 0.12% of the total spent might be expected in an environment with complex contract pricing structures with many variations.
3. Media Audit
The Media audit is similar to the Invoice level audit in that third party payments made by the agency are examined. This is done using the normal audit clause within the agency agreement to obtain raw data from the Agency. It would include an examination of compliance with the terms of the agreement for other services.
Expectations: In a range between Invoice and contract compliance audit.
4. Property Audit
An examination of rent, rates, service charges, management fees, sub tenant revenue, VAT and insurances associated with a property portfolio.
Expectation: An average recovery of £1,000 per property might be expected, but this is highly skewed, with recoveries only identified on perhaps 3% of properties in a portfolio.
5. Client & Industry Specific Audits
Lexona is pleased to work with Clients to develop Client specific and Industry specific audits focused on either expense or revenue transactions.
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Back to top | | | | | | | | | | Ancillary Services | | | | | | | We are able to introduce and help co-ordinate a growing range of services with the common theme of saving costs through the use of Client data.
Transaction Input from Digital Scanning: Reduced payment errors from input variations, combined with reduced input costs.
Utility and Communications Audit: Including substantial future cost savings – Water, Power & Telecoms including mobiles.
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