SOX REVIEWS

Recent SOX consulting assignment at major lab services firm disclosed Narratives, Control Objectives, Key Controls and Test Plans that were not “in sync”, “key controls that were actual process controls and remediation issues that were actually operational issues

Prior SOX review results included:

• Major retailer-reduced numerous unneeded “key controls” and identified several areas susceptible to Fraud, Misappropriation and Misreporting.

• Major services, telecommunications and information solutions corporation disclosed $1 million Balance Sheet error.  Also produced several enhancements to further strengthen "controls at the top."

• Major consumer products company identified key controls not included in previous documentation and testing that did not satisfy key controls or misreported compliance with controls, etc.

• Major reinsurers revealed similar SOX compliance issues including key controls that did not answer control objectives and missing key controls.

BUSINESS OPERATIONS AUDITS/REVIEWS

Saved $2 million in Purchasing Expenditures through introduction of Volume Purchase Orders, Competitive Bidding and Increased Controls

Increased effectiveness of underutilized MRP System that resulted in on-time delivery, and reduction of significant Material Shortages, Downtime and Excess and Obsolete Inventory

Installed disposal procedures for $4.2 million in Excess and Obsolete Inventory

Identified additional Excess Inventory of $3.7 million and resolved underlying reasons

Increased Scrap Controls and Revenue by $475,000
 

INSURANCE AUDITS/REVIEWS

Directed/participated in audits of over 200 Workers Compensation and Property and Casualty Branches that produced improved File Quality and Documentation, Claims Handling and Customer Satisfaction

Identified $1.2 Million in Duplicate/Questionable Payments To Providers.
Recovery In-Progress

$345,750 increase in revenue resulting from identification 
of under-billing of medical premiums

$248,600 savings through audit of a major medical 
bill review firm for a $4 billion self-insurer that 
disclosed six different categories of missed 
bill reduction opportunities


FRAUD/INTERNAL CONTROL REVIEWS

Teamed with senior management and regional vice presidents to install Fraud Control procedures and develop "red flag" (exception reports) that minimized and/or detected
Fraud (including major criminal rings)


SPECIAL PROJECTS

$300,000 purchase price reduction through 
performance of a Due Diligence review of 
a major managed care company 

Key contributor to new Systems including 
Insurance Claims Handling, Accounts Payable, 
Credit and Collection


INTERNAL AUDIT TRAINING AND DEVELOPMENT

Re-directed, trained, developed and motivated Internal Audit Staffs, effort, methodology and objectives at:

A $1.1 Billion World-wide Organization in the Insurance and Testing Industries

A $350 Million Retailer

A $1.4 Billion World-wide Oilfield
Services and Diversified Manufacturing Firm

A $1.2 Billion Defense Contractor