Internal Audit As A Revenue Center
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Transcript of Internal Audit As A Revenue Center
INTERNAL AUDIT AS A REVENUE CENTER
Ralph Villanueva MBA CPA (Phil) CIA CFE
INTERNAL AUDIT = REVENUE CENTER
UNIQUE ROLE IN
ORGANIZATION
INTERNAL AUDIT = REVENUE CENTER
ECONOMIC
RECESSION
COMMENTS FROM SUCCESSFUL FELLOW AUDITORS
“I can tell you, my best findings ever took me an HOUR to find; we uncovered $10,000,000 due to an incorrect exchange rate charged by a contractor back to my client” – Denise Cicchella CIA CFE CCA PMP FLMI
COMMENTS FROM SUCCESSFUL FELLOW AUDITORS
“I can tell you one of the audits that my team was involved with. The caterer overcharged our client $250,000 worth of food and supplies.” – Voravit Ray Thunyapoo
COMMENTS FROM SUCCESSFUL FELLOW AUDITORS
“My upper estimate for the overcharge was about $1,300,000, but we settled for $410,000.” – W. Benson Dana
QUALIFICATIONS NEEDED
BASIC AUDITING SKILLS
AND KNOWLEDGE
INQUISITIVE MIND
FEARLESS ATTITUDE
$$$ ORIENTED PROCESS
Audit Plan
InternalFactors
ExternalFactors
Controls$$$$$$$$$$$$$$
HOW TO BE A REVENUE CENTER
1. Cost recovery
2. Revenue recovery
3. Cost savings
COST RECOVERY OPPORTUNITIES
1. Overpayment
2. Duplicate payment
3. Unauthorized payments
EXAMPLE OF OVERPAYMENT
EXAMPLE OF OVERPAYMENT
EXAMPLE OF OVERPAYMENT
EXAMPLE OF DUPLICATE PAYMENT
EXAMPLE OF DUPLICATE PAYMENT
EXAMPLE OF DUPLICATE PAYMENT
EXAMPLE OF UNAUTHORIZED PAYMENT
EXAMPLE OF UNAUTHORIZED PAYMENT
EXAMPLE OF UNAUTHORIZED PAYMENT
REVENUE RECOVERY OPPORTUNITIES
REVENUE RECOVERY OPPORTUNITIES
REVENUE RECOVERY OPPORTUNITIES
REVENUE RECOVERY OPPORTUNITIES
COST SAVINGS OPPORTUNITIES
COST SAVINGS OPPORTUNITIES
“Some of us will do our jobs well and some will not, but we will all be judged by only one thing – the result.”Vince Lombardi, great American football coach
CONCLUSION