Reconciling vendor statements of account is an integral step in a Broniec audit. The process is supported by a large staff and technical infrastructure in our corporate office, but the actual reconciliations are performed by our front line auditors who understand the nuances and unique vendor relationships associated with each audit. More than quickly scanning for unapplied credits, our auditors analyze each statement for trends in discounts taken, allowances provided, deposits open, p-card usage and transaction volumes to develop a complete picture of the business relationship with each vendor. The centralized statement review teams and image recognition software used by many in our industry is no match for this approach to reconciling statements.
Merging datasets from disparate systems and running basic duplicate detection routines can be accomplished by simply following a script. Testing random samples can be effective but time consuming. At Broniec Associates, we merge experience, transaction level insight and knowledge of business processes in a collaborative environment with programmers and auditors to perform a comprehensive audit of all purchases. Because of split payments, deposits and purchases through e-commerce platforms, simple or queries are not rigorous enough to uncover all potential overpayments. We have developed algorithms and an audit process to mitigate the risk associated with the convenience of procurement cards. We will not only recover overpayments, we will validate or help develop effective internal controls.