Our Projects

Delivering Real Business Insights

With extensive risk and internal audit experience across a wide range of industries, aceia has a proven record of adding significant value to our customer’s operations. Our industry expertise, use of senior professionals and unique personal touch, enables us to deliver real business insights that will benefit your business growth aspirations.

Our recent projects include:

Automotive Dealerships - Dealership Sales Incentive Claims Review
Automotive Dealerships

SALES INCENTIVE CLAIMS REVIEW

aceia successfully performed the sales incentive claim audits for a number of New Zealand based automotive dealerships within a tight timeframe. The objective of the audits was to assess the design and operating effectiveness of key controls relating to the sales incentives claims process and other related deal pack documentation.

Within the scope of these audits, the following areas were reviewed:

• Sales contracts
• Delivery certificates
• Accuracy, validity and approval of claims
• Timeliness of claims from delivery dates
• Odometer readings
• Compliance with corporate and fleet criteria

During the course of our audits, we identified opportunities for improvement at the dealerships:

• Findings of non-compliance
• Observations regarding key program controls and effectiveness
• Suggested process improvements in relation to sales incentive programs

For the automotive dealerships, implementing these improvements at the dealership level will result in the following outcomes:

• Accurate claim amounts in the correct claim categories
• Signed and dated delivery certificates
• Timely application of claims
• Inclusion of appropriate documentation in deal packs
• Appropriate preparation and filing of documentation

By implementing these recommendations, the automotive dealerships will have a stronger control environment which will reduce avoidable financial loss and any potential disputes with Head Office for the claims made and comply with the deal pack documentation requirements.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Retail Company - Risk Management Review
Retail Company

RISK MANAGEMENT REVIEW

aceia conducted a review of a retail company’s risk management process to assess the effectiveness and efficiencies of their processes and key controls.

Whilst basic processes and adequate controls were found to be in place (such as credit notes, purchases, safety measures & practices, and cash management), aceia identified a number of areas that could be improved to mitigate operational risks. These included:

• Delays in receipting goods.
• Cross referencing dockets to invoices.
• Open work orders.

For the retail company, implementing these recommendations resulted in the following outcomes:

• The completeness and timeliness of invoicing.
• Accuracy of stock balances and accurate inventory measurement.
• Proper monitoring and accounting of stock.
• Enhanced operational controls and efficiencies.
• Enhanced evaluation controls to ensure compliance to internal and external regulations.

By implementing these recommendations, the retail company now has a stronger control environment which will eliminate avoidable financial loss.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Sales Company - Fuel Card Review
Sales Company

FUEL CARD REVIEW

aceia conducted a review of a sales company’s fuel cards process to assess whether adequate controls and procedures were in place.

Whilst basic processes were found to be in place (such as card usage policy, card set-up, card handover, invoicing, and deactivation of cards), aceia identified a number of areas that could be improved to mitigate operational risks. These included:

An inadequate fuel card policy.
Fuel card parameters were not set up in the system to make use of preventive, detective and monitoring controls.
Untimeliness of card deactivation.
Validation and approval of fuel invoices.

For the sales company, implementing these recommendations resulted in the following outcomes:

• Existence of a clear fuel card policy.
• The use of system parameters which has enhanced transparency and accountability.
• Timely card deactivations.
• Enhanced invoice validation controls.
• Enhanced monitoring controls to ensure compliance to fuel card policy.

By implementing these recommendations, the sales company now has a stronger control environment which will eliminate avoidable financial loss.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Manufacturing Company - Commissions Process Review
Manufacturing Company

COMMISSIONS PROCESS REVIEW

aceia conducted a review of a manufacturing company’s dealer commission end to end process to assess whether adequate controls and procedures were in place.

Whilst key controls were found to be in place and operating effectively, aceia identified a number of areas that could be improved to mitigate operational risks, including documenting and updating processes, eliminating conflicts of duty, maintaining formal records and reconciliating of variances.

For the manufacturing company, implementing these recommendations resulted in the following outcomes:

• Regulations compliance.
• Avoiding financial loss.
• Consistent & authorised transactions.
• Regular review of precedures.
• Accurate recording of exceptions.
• Regular audit schedule.
• Formal validation of commissions.
• Validation of contracts.
• Avoiding financial loss.

By implementing these recommendations, the manufacturing company now has a stronger control environment which will eliminate avoidable financial loss.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Technical Support Company - Contract Compliance Review
Technical Support Company

CONTRACT COMPLIANCE REVIEW

aceia conducted a review of a technical company’s contract compliance process to assess whether adequate controls and procedures were in place.

aceia identified a number of areas that could be improved to ensure compliance with contractual terms and conditions (such as data capture, customer responsiveness, service levels, performance reporting, and invoicing processes).

For the technical company, implementing these recommendations resulted in the following outcomes:

• Accurate performance reporting.
• Improved communication processes.
• Standardised project works.
• A centralised invoicing function.
• The development of a formal training process.

By implementing these recommendations, the technical company now has a stronger control environment which will minimise impacts on contract performance.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Automotive Company - Revenue Process Review
Automotive Company

REVENUE PROCESS REVIEW

aceia conducted a review of a financial services company’s revenue process to assess whether adequate controls were in place.

aceia identified a number of areas that could be improved to mitigate operational risks (such as approval processes, quality assurance processes, procedure updates, interest charges, and control monitoring).

For the financial services company, implementing these recommendations resulted in the following outcomes:

• The prevention of manual errors and a more efficient approval process.
• Improved communication processes.
• An embedded assurance process that minimised errors and omissions.
• Updated procedures that reflected business practices.
• Regular exception reports being produced (for timely follow-up).

By implementing these recommendations, the financial services company now has a stronger control environment which will minimise the exceptions to a large extent.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Hospital, Aged Care & Community Service Organisation - Inventory Controls & Trust Fund
Hospital, Aged Care & Community Services Organisation
  1. INVENTORY CONTROLS – MEDICAL CONSUMABLES

aceia identified that a consistent NIL stock variance reported to management was incorrect, as variances were hidden as consumption.  Processes and system amendments were implemented to provide transparency of actual stock variances.

  1. TRUST FUND

The organisation obtained an independent and transparent report of all key fund expenses. This enabled them to provide assurance on its spending to its relevant stakeholders.  aceia also identified a significant misrepresentation on the customer’s website which was subsequently amended to reflect the actual nature of spending.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Not-For-Profit Charity - Quality Assurance & Improvement Program
Not-For-Profit Charity

QUALITY ASSURANCE & IMPROVEMENT PROGRAM (QAIP)

aceia conducted a review of the charity’s Internal Audit Quality Assurance and Improvement Program (QAIP), with reference to the Institute of Internal Auditor’s International Professional Practices Framework.

Considering the size and maturity of the charity’s risk management and internal audit framework, aceia recommended areas for improvement based on requirements of the standards and ‘value’ to key stakeholders.

aceia helped the charity develop a formal QAIP for the Internal Audit function and assisted them in implementing the recommendations.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Global Automotive Manufacturer - Risk & Internal Audit Framework
Global Automotive Manufacturer

aceia delivered internal audit and consulting services to a global automotive manufacturer.  Our partnership approach of working with management to improve their systems resulted in an important step change to their organisation’s control environment. Some of these successes include:

  1. ESTABLISHING RISK & INTERNAL AUDIT FRAMEWORK

aceia was a key driver in the development of the internal controls framework. Prior to our involvement, there was no formal internal audit methodology or approach to addressing risks and assessing the effectiveness of internal controls.

As a result of ongoing process reviews and design of controls workshops, our client now has a formal risk and audit program providing limited assurance around key functions within its dealership operations and a strong focus on loss prevention.

  1. DEVELOPMENT OF BLUEPRINT

aceia was an integral part of the Blueprint project that produced detailed process mappings of key business activities which identified key risks and controls. As a key member of the Blueprint project from inception to delivery, we were involved in the following key project activities:

  • Detailed end-to-end process walkthroughs with key stakeholders.
  • Project managing and coordinating activities with key process owners in order to meet the deadlines.
  • Assisting in consolidating and communicating the Blueprint.
  • Sharing the best practices developed and assisting with implementation of the Blueprint processes.
  1. DATA ANALYTICS

aceia carried out detailed data analytics over accounts payable information. The main objective of this project was to identify potential errors in the vendor master file data and accounts payable transaction data, whether any employees were in the vendor master file and potential fraudulent transactions. Duplicate payments to vendors were identified and recovered from both of these projects.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Multinational Auto & Truck Parts Manufacturer - National Store Audit Programme
Multinational Auto & Truck Parts Manufacturer

NATIONAL STORE AUDIT PROGRAMME

aceia provides internal audit services for a multinational parts manufacturer across their company owned commercial store network throughout Australia and New Zealand. Key requirements are to provide a cost effective service with a high quality output including fast turnaround times for report delivery and seamless transition from ‘in-house’ internal audit to an ‘outsourced’ model.

Within in a short period of time, aceia was able to learn the company’s ‘way’ of doing business, build relationships with all levels of key management across both Australia and New Zealand and deliver the work on time and at a fixed price. As a result, aceia was awarded further work including investigations and supporting the company in its nationwide annual stocktake process.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Technical & Logistics Services Provider - Sales Order Costing Review
Technical & Logistics Services Provider

SALES ORDER COSTING REVIEW

aceia conducted a detailed review of the Sales Order Costing process for a technical and logistics services provider. The key requirement was to understand the end-to-end process and identify areas for improvement. aceia identified significant improvements to the cost estimations process, integrity process around costing models, costing model assumptions and oversight of costing models.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Hostel Association - Accounts Payable Process Review
Hostel Association

ACCOUNTS PAYABLE PROCESS REVIEW

Quality processes were implemented in relation to the Vendor Masterfile changes and monitoring.  Key duties within the end-to-end process were segregated in order to ensure that no one person can process a supplier transaction from beginning to end.  Duplicate invoice monitoring controls were recommended to minimise potential financial loss.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Global Auto Manufacturer - Internal Audit Review
Global Auto Manufacturer
  1. AFTER SALES
  • aceia identified gaps in the after sales warehouse procedures.
  • Detailed process maps were created and shared with the incoming third party logistics provider, facilitating a smooth transition process.
  1. FLEET SALES
  • aceia identified that the respective maximum system limits for special assistance were not linked to transactions, resulting in excess amounts being processed. This was amended.
  1. GENERAL LEDGER RECONCILIATION
  • Account reconciliation policy and framework were developed to improve the quality of reconciliations performed.
  • aceia developed a formal process to identify, report, escalate and resolve the account reconciliation issues on a timely basis.
  1. GOVERNANCE REVIEW
  • Through extensive gap analysis, professional standards and best practice, aceia structured the internal control framework and developed the audit committee governance processes to oversee the risk management and internal control activities of the organisation.
  1. DELEGATION OF AUTHORITY
  • aceia developed the delegation of authority matrix. Detailed reviews were conducted to ensure that the authority matrix is in line with the global requirements.
  1. DUPLICATE INVOICE REVIEW
  • A duplicate invoice review was conducted to identify the root causes of duplicate invoices. Based on the review and investigation of the duplicate invoice results, aceia identified a significant cost recovery.
  • aceia recommended Continuous Controls Monitoring to reduce exceptions and manage them on a timely basis.
  1. FIXED ASSETS REVIEW
  • aceia developed strategies for fixed assets verification to ensure that verification is conducted on a regular basis.
  • A detailed analysis of Fixed Assets insurance was conducted to ensure that insurance arrangements were optimised.
  • Strategies were developed to minimise unauthorised commitments over a period of time.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Automotive Battery Manufacturer/Distributor Asia Pacific - Parts Shortage Review
Automotive Battery Manufacturer/Distributor Asia Pacific

PARTS SHORTAGE

An automotive battery manufacturer/distributor had on-going unexplained stock losses at one of its locations in Victoria.

aceia performed the investigation and through discussions with multiple process owners, including the breaking down of complex processes into smaller manageable parts to identify/eliminate root causes, it was discovered that the ongoing inventory variances were due to a process issue around warranty management.

aceia’s unbiased approach together with our analytical, inquisitive and communication skills resulted in a change in the procedures for the processing of warranty batteries. These changes have since eliminated the ongoing inventory variances.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.

Technical & Logistics Services Provider - Internal Audit Review
Technical & Logistics Services Provider
  1. PROCUREMENT

Through data analysis, aceia identified a vendor with significant spend and instances where prices were higher than alternative vendors.  This transparency resulted in a significant reduction in spend with this vendor.

  1. REVENUE PROCESS REVIEW

Adequate validation of billing was implemented to ensure that revenue leakage, to a large extent, is minimised.  aceia identified revenue leakage and implemented new processes to capture and bill the out-of-scope activities on a regular basis.

  1. QUALITY SYSTEMS AUDIT

aceia identified non-compliance with the quality management system and implemented processes to ensure that non-compliance is minimised to a large extent towards quality certification.  aceia also identified areas for improvement and implemented processes to promote a continuous improvement culture and optimise the exiting quality system.

This audit was performed in accordance with the International Standards for the Professional Practice of Internal Auditing.