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 a recovery audit due to implemented recommendations, and the data review period relating to a shorter timeframe (12-18 months, instead of several years).
Upon appointment, Profectus offered to review the data already audited by another firm in conjunction with 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 previously audited period. In total, Profectus identified and claimed for the client, over 300% of the initial findings of a competitor.
Findings:
Competitor findings on multiple year data: < $100,000
Profectus findings on same data plus 12-18 months: $330,000
| Financial Leakage Category | Value |
| Unclaimed GST input credits | $23,000 |
| Payment errors | $252,000 |
| Unclaimed credits - supplier statements | $58,000 |
| Total Claims | $330,000 |