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The 21st Minute


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Transaction Analysis


 

Client:

One of the largest independent oil and gas acquisition, development and production companies in the United States wanted to assess and automate the account transaction approval process.

Challenge:

The process of tracking, validating and resolving payments required more than 60 fields of data, which needed to be joined and matched to identify potential infractions. Auditors needed a way to quickly identify invoices that were processed and approved by only one person, and calculate spending changes between approvers and vendors between a two-year period.

Solution:

The Solutions Development team imported and verified all data. Once the data was imported into CaseWare IDEA®, the team worked to isolate duplicate records within the master file. Invoice data was segmented by region, approver and vendor to look for approvals that did not follow company policy. An IDEAScript was developed to automate the process of capturing accounts payable transactions that were approved by one person. Results are segmented by region and exported to an Excel workbook for further investigation and resolution.

Results:

By reaching out to Audimation Services for their expertise using analytics, the client gained a deeper understanding of their own approval process, including instances where the policy was not followed. The client now has the ability to join data systems and compare data from different locations into a single tool for analysis. The new process helped automate the vendor payment process, which was reduced from a two-week process to less than 10 minutes.

 


Automate Procedures , Success Story



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