![]() ![]() We can help prioritize and assess key processes to identify vulnerabilities, enhancements, opportunities for automation, and best practice recommendations.įor any additional questions, feel free to contact the GRF team, or reach out to us at the contact info below. GRF’s certified professionals provide risk-based internal audit solutions across all aspects of operations for domestic and international organizations. Under IAS 11, if a contract covers two or more assets, the construction of each asset should be accounted for separately if (a) separate proposals were submitted for each asset, (b) portions of the contract relating to each asset were negotiated separately, and (c) costs and revenues of each asset can be measured. GRF Can HelpĪdopting these best practices can reduce the risks associated with expense reporting. These platforms use machine learning algorithms to flag suspicious transactions and assist in the sampling process for ongoing spot checks. These platforms help identify spending patterns, unusual activity, and potential anomalies that can be indicative of fraudulent behavior.Īrtificial Intelligence platforms like Mindbridge analyze expense data and identify potential risks. Leveraging data analytics tools and platforms can provide valuable insights into expense reporting patterns and detect anomalies.īusiness Intelligence platforms like Tableau or Power BI consolidate and analyze expense data over time. These checks act as a deterrent, sending a message that expense reports are reviewed and fraudulent actions will be detected. Conduct Ongoing MonitoringĬonsider conducting random spot checks of expense documentation to detect any irregularities or fraudulent behavior. This helps distribute the workload and ensures that both comprehensive and overview checks are performed. Make it clear who is responsible for the detailed review of supporting documents and who is responsible for high-level reviews. Update Your Review and Approval ProcessesĮstablishing clear guidelines is essential to ensure proper scrutiny of expenses. In our work with clients, we recommend key practices that can enhance the effectiveness of expense reporting controls and mitigate the potential for fraud. ![]() As a result, organizations need to implement best practices to reduce the risk associated with these reporting systems. However, this convenience can also lead to less stringent review of submitted documents and opportunities for changing electronic receipts. Expense reporting platforms have simplified the review and approval processes, making it easier to submit documentation for payment. ![]()
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