Avila Corp
Experts in Recovery Audits
Why Recovery Audit?
Duplicate Payments, unfortunately, does occur in companies, no matter the considerable investment has been done on sophisticated IT systems
"Companies have between 0.1% to 0.5% confirmed duplicated payments."
Institute of Finance and Management (IOFM)
"Companies lose 5% of their annual revenue due to fraud."
Association of Certified Fraud Examiners (ACFE)
Although most ERPs have some functionalities for detecting duplicated supplier invoices, they will not identify 100% of the cases, leading to duplicated payments.
Programmed or unexpected events like changes in the company (mergers, system integrations, etc.), modifications of parts of the AP process or associated controls and, especially, human intervention are continuously increasing the likelihood of duplicated payments happening.
Everyone with hands-on experience in the AP daily activities is aware of these problems. Therefore, the key to avoiding duplicated payments is continuous review and improvement, when needed, of processes, controls and personnel; and not always rely on the tools (ERPs).
On top of that, AP Best practices encourage to perform a periodic independent external process review
Is my company paying duplicates?
If your company AP process meets some conditions below, is likely the occurrence of duplicated payments:
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More than 1,000 invoices processed monthly
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Different channels for receiving invoices: mail, fax, email, dedicated portal, etc.
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More than one AP clerk processing invoices in the ERP
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Allowed payment on credit (on 30, 45, 60, 90, etc. days)
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No use of POs for certain payments; Or ERP allowing to create POs retrospectively
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Periodic reconciliation is not performed for all providers
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Lack of Data Stewards securing the integrity and quality of your VMF
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Lack of periodic data quality reviews of your VMF
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ERP without duplicate invoices detection
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No periodic review of duplicates by AP, Internal Audit or any other internal or external stakeholder
Even in the case that your company has an internal process for identifying duplicated payments, using excel or any other analytic tool with customised queries:
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There may be different scenarios not analyse
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Identified duplicates may include a high percentage of false positives (payments identified as duplicated, but they are not) that makes it not feasible to review all the flagged instances promptly, reducing the review to a sample only
How can we help?
We will perform a recovery audit for your company identifying invoices that have been paid more than once
There will be no payment upfront. Therefore, zero costing based on our policy:
No Finding - No Payment
Why us?
Innovative in-house developed software (based on hundreds of algorithms and machine learning model trained with millions of transactions) customizable to your company unique characteristics for further improving accuracy and reduce investigation time by AP staff
Expertise in medium size and multinational companies from different industries (FMGC, Manufacturing, Transportation, Sports, etc.)
High professional standards with many years of experience in the field
Compliance with data security standards and best practices
High motivation. Identifying duplicated payments is our primary objective (no finding - no payment policy) and not just one periodic control to perform on top of daily tasks (as AP staff perceives it)
Contact us
Avila Corp
1 Tampines North Drive 1, T-Space, Singapore 528559
(+65) 9036 6874
admin@avila-corp.com
Email & Phone:
Tel: +65 8799 9999
Address
500 Terry Francois Street
San Francisco, CA 94158