Case Study 1 - ASX 50 Financial Services Organisation
Profectus provided FTA services for an ASX 50 Financial Services Organisation that has both a strong internal audit function and annual statutory audits.
Findings:
| Payment error category | First Audit | Second Audit (2 years later) |
| Invoice Paid Twice to Same Vendor | $253,900 | $29,550 |
| Invoice Paid Twice to Different Vendors | $264,500 | $167,450 |
| Supplier Statements Audit | $10,600 | - |
| Total financial leakage identified | $529,000 | $197,000 |
Total findings for the first audit: 0.062% of supplier-related spend (audit: 3 years)
Total findings for the second audit: 0.047% of supplier-related spend (audit: 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 by significantly reduced findings and rate of findings in the second audit.