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