Services

A comprehensive and integrated set of audit and associated advisory services.

Connolly services take a progressive or customized approach to your business, with the goal of delivering value to our clients in one or more of the major value categories:

  • Cash Recovery
  • Leakage Prevention
  • Compliance Improvement and Assurance
  • Contract Risk Management

Our work provides value to clients via audit-centric performance improvement programs. We leverage our years of auditing experience and collective intellectual capital to define programs in close collaboration with our clients that target specific outcomes that often include both cash recovery and non-cash recovery objectives.

Accounts Payable Recovery Audit

A post payment audit of our clients’ accounts payable and their suppliers’ accounts receivable transactions. Core audit areas include:
  • Adjustment Errors
  • Credit Memos - Unrealized
  • Debit Balance Recovery
  • Deposit Errors
  • Duplicate/Erroneous Payments
  • Escheatment Liability Analysis
  • Freight, Traffic Compliance
  • Miscellaneous Payment Errors
  • Incorrect Pricing
  • Rebate Agreements
  • Returns
  • Sales and Use Tax
  • Vendor Statement Reconciliation
  • Unclaimed Property Retrieval

Contract Compliance – Desk Audits

Conducting audits “from the desk” implies that the key data sets required to support the review are readily available – either primarily from our client or secondarily from the supplier under audit. Generally, desk audits are recommended for lower-spend, less-complex contracts, where claims can be identified from afar, with little to no supplier interaction. Desk audits also may be preferable on higher-spend contracts when the audit “variables” (root causes of financial leakage) are limited and identifiable from client data only. Typical audit areas include:
  • Pricing
  • Purchase Price Variance
  • Price Protection
  • Discounts
  • Rebates
  • Allowances
  • Returns
  • Freight / Traffic
 
For further information please visit our contract compliance section 

Contract Compliance – Field Audits (cash recovery focus)

Conducted “in the field” when key data sets are available only or primarily at supplier sites and when audit issues are such that significant supplier interface is required. Field audits are targeted towards larger recovery opportunities, where risk is greater, spend is moderate-to-heavy, and contracts are complex – with multiple audit variables, including “cost” elements. Connolly auditors travel to the suppliers’ offices to review key records and logs (e.g. actual payroll records, equipment logs, material requisitions) that typically only exist at these locations, scrutinizing key cost source data. All findings and conclusions are vetted with the supplier to garner feedback. Typical audit areas may include but are not limited to:
  • Labor Rates
  • Equipment
  • Materials
  • Per Diems
  • Mark-ups/Multipliers
  • Inclusions
  • Pass-throughs
  • Profit/Overhead
  • Most Favored Nations
  • Commodity Specific Audits
  • Region or Business Unit Specific Audits
 
For further information please visit our contract compliance section

Contract Compliance – Field Audits (non-cash recovery focus)

These audits have a “non-cash” focus and are often used to assist our clients in measuring supplier compliance, with an eye to mitigating enterprise, sourcing and procurement risk, and providing performance improvement opportunities that drive future cost savings - all with a focus on learning capture and dissemination. Typical services include:
  • Controls Assessments
  • Risk Assessments
    • Contractors/Suppliers/Vendors
    • Contracts Universe
  • Fraud Observations
  • Pre-Award / Supplier Set-Up Reviews
  • Pre-Execution / Supplier “Readiness” Reviews
  • Mid-audit Reviews
  • Commodity Specific Audits
  • Region or Business Unit Specific Audits
  • Contract Structure Examinations
  • Contract Language Recommendations
  • Contract Management Observations
 
For further information please visit our contract compliance section

Advisory Services

Leveraging our years of auditing experience and collective intellectual capital, Connolly provides client advisory services that may include some of the following:
  • “Certification” of Procure-to-Pay Processes
  • Contract Structure Analysis
  • Supplier Rationalization Support
  • Commodity / Contract Spend Analytics
  • Learning Loop Opportunities
  • Sourcing/Procurement Award Process
  • Contract Compliance Audit Training
  • Contract Management Analysis
  • Contract Universe Risk Assessment
  • Risk Identification and Testing
  • ERP Payables Controls Analysis
 
For further information please visit our contract compliance section

Program Management

We assist our clients in enhancing their organizational capabilities via audit-centric performance improvement programs. We leverage our years of auditing experience and collective intellectual capital to define programs targeted to specific initiatives that often include both cash recovery and non-cash recovery objectives. When executed in close collaboration with our clients, these programs recover cash, improve supplier compliance to mitigate enterprise and procurement risk, and provide performance improvement opportunities that drive future repeatable cost savings – all with a focus on learning capture and dissemination.
 
For further information please visit our contract compliance section.
Testimonial

“I would like to take this opportunity to compliment Connolly. Your auditors have been great to work with, representing Connolly and your client with the utmost diligence and professionalism, while respecting our current work load.”

Manager
An Electric Supply Co.
(Supplier to an Oil & Gas client)