Case studies
To provide some examples of engagements where Profectus has added value to clients and to demonstrate results across a range of industries, three case studies are available for review.
Case Study 1 – ASX 50 Financial Services
Organisation
Case Study 2 – Services Organisation
Case Study 3 – ASX 100 Industrial Organisation
Case Study 1 – ASX 50 Financial Services Organisation
Profectus provided FTA services for an ASX 50 Financial Services Organisationthat has both a strong internal audit function and annual statutory audits.
Findings:
Total findings for the first audit: 0.062% of supplier-related
spend (audited period: 3 years)
Total findings for the second audit: 0.047% of supplier-related spend (audited
period: 2 years)
Most GST-related errors were caused by system structure problems, where GST input credits were being expensed.
The client implemented all recommendations made by Profectus from the initial audit to minimise similar types of financial leakage (payment errors and GST errors) in the future. The effectiveness of these measures is demonstrated in significantly reduced findings and rate of findings in the second audit.
Case Study 2 – Services Organisation
As part of our detailed payment error analysis all causes of duplicate payment errors are identified. A service industry client who uses SAP and operates an internal audit function had the following payment error results.
Findings:
Case Study 3 – ASX 100 Industrial Organisation
Profectus was engaged by an ASX 100 industrial company to provide the second Financial Transaction Analysis for that organisation approximately 18 months after another recovery audit firm had conducted the initial audit.
Normally claims are considerably lower after one recovery audit due to recommendations being implemented and the review of data relating to a shorter period (12-18 months instead of several years).
Upon appointment, Profectus offered to review the data that had been audited by another firm in addition to the new 12-18 months of data.
In addition to a normal level of financial leakage for a company in the specific industry of this client, Profectus identified significant findings in the period that had been audited previously. In total, Profectus identified and claimed for the client over 300% of the findings of a competitor.
Findings:
Competitor findings on multiple year data: < $100,000
Profectus findings on same data plus 12-18 months: $330,000
