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What are typical findings of an audit? On the average, up to one-tenth of
one percent (.001) of total dollars in payables are identified as
overpayments. That is payment of your funds to a vendor or supplier which
will go unrecovered unless action is initiated to reclaim your money.
Do your independent auditors find overpayments? They may, but chances are
that they will not. When an outside auditor tests accounts payable on a
"sample" basis, the probability is low that many overpayments will be
noted. The mission of an independent financial auditor is to assure
compliance to your procedures and standard accounting practices. It would
be too costly for them to review all vendor files with the same detail that
F.R.E.E., Inc.'s service provides.
The following are actual Case Histories from F.R.E.E., Inc.'s files. References and an abbreviated Client List are also available.
|
| CLIENT |
RECOVERY RESULTS |
TYPE OF OVERPAYMENTS |
| $250 million Manufacturer of Business Machines |
$360,000 Recovered |
Sales tax, rebates & pricing |
| $1 billion Airline |
$750,000 Recovered |
Duplicate payments, sales tax |
| $400 million Financial Institution |
$326,000 Recovered |
Duplicate payments |
| $200 million Manufacturer of Computer Chips |
$402,000 Recovered |
Sales tax |
| $110 million Law Firm |
$163,000 Recovered |
Duplicate payments, credit memos not taken |
| $400 million Hospital |
$975,000 Recovered |
Sales tax, duplicate payments |
| $90 million Manufacturer of Landfill Liners |
$111,000 Recovered |
Sales tax, pricing |
| $120 million Supermarket Chain |
$66,000 Recovered |
Pricing, duplicate payments |
| $300 million Manufacturer of Coffee and Foods |
$62,000 Recovered |
Discounts, duplicate payments, freight charges, sales tax |
| $30 million Furniture Manufacturer |
$58,000 Recovered |
Duplicate payments, credit memos not taken |
| $ 5 billion Entertainment Company |
$4,000,000 Recovered |
Sales tax, duplicate payments, credit memos not taken |
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F.R.E.E., Inc.
5646 Milton St., Suite 550
Dallas, Texas 75206
Tel (214) 739-3733 - Fax (214) 739-3749
1-800-745-3734
information@freeinc.com
©Copyright 2000, F.R.E.E., Inc.
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