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Unearthing Fraud, Waste, Misuse

Data analysis may boost recoveries, plug cash leaks


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Restructuring specialists commonly analyze books and records, cash journals, check registers, vendor master files, and accounts payable ledgers to identify potential avoidance actions to augment recoveries. This work is a common exercise for restructuring specialists and may prove fruitful for an ongoing operation where funds could continue to evaporate through ongoing forms of fraud, waste, and misuse. Today’s analytical tools and techniques, in the hands of capable professionals, can shine a fresh light on the same books and records used to identify avoidance actions, often revealing three key areas of possibly value erosion:

  • Employee and/or vendor-related fraud
  • Overpayments to vendors
  • Vendor list inefficiencies, anomalies, and oversights

In addition to pinpointing potential additional recoverable funds, advanced data analysis can help identify not only where potential fraud, waste, and misuse might be happening, but why it’s happening and how to stop it. In fact, the tests described briefly in this article can help lay the foundation for deploying continuous fraud monitoring systems.

Download to read the full article, published with permission from the Journal of Corpoate Renewal.

 

As used in this document, ‘Deloitte’ means Deloitte LLP [and its subsidiaries]. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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