Data Audit

Data Audit

We have highly Skilled
Data Audit Professionals

Data Audit can mean different things to different people, in General Data Protection Regulation (GDPR), data audit is a means by which an organization is accessed to establish whether it has enough controls in place to protect personal data. In data analysis, query and audit, data audit is a method of sifting through enormous amount of data in a skeptical and relentless detail, in order to detect errors, fraud and misappropriations. In the light of the latter, when data audit is performed on revenue line, it is called revenue assurance audit. When it is performed for continuous monitoring efforts, data audit can help produce Business Intelligence (BI) Reports alongside the exception reports.

As one of the licensed Data Protection Compliance Organizations (DPCO) in Nigeria by the Nigeria Data Protection Commission (NDPC), we have positioned ourselves strategically as leaders in the provision of core competence of data compliance audit, data analysis, income and revenue assurance audit. Our team of experts uses bespoke application software solutions to implement data analysis routines and detect organizational inefficiency. We can help you summarize data, perform age analysis, detect gaps and duplicates, find statistical information, compare, merge and split data, create new datasets through queries, perform complex data stratifications, detect fraud with Benford’s law.  We can conduct step-by-step audit tests in Payroll, Revenue, Account Receivable and General Ledger. We can match and tag records, carry out top and bottom performance analysis among other things.

In our advisory capacity, we can help your audit team carry out IT General Control review, Application Audit and Revenue Assurance Audit. Find below our line of business as regard the Data Audit we perform:

Data Audit of Payroll Records/HR

As one of the largest expenditure, payroll process is a prime target for fraud. When payroll process and computerized records of employees are not controlled appropriately, disgruntled staff and fraudulent workers can take advantage to defraud their organizations without being detected.  Using our own preaudit objectives and any other ones you may want to add, our team of experts can help you use analytical software to detect occurrence of ghost workers, double payments, invalid records, duplicated entries, and any other form of payroll fraud in the payroll records you may want to outsource to our company. Our preaudit business requirements for payroll audit/HR include but not limited to ensuring the following Audit Objectives:

  • Ghost workers do not exist
  • Double / Multiple allowances are not collected
  • Double / Multiple Promotions are not received
  • Deductions are made appropriately
  • Computed fields are appropriately calculated
  • Outrageous Earnings do not exit
  • Third party deductions like voluntary contributions are not used for fraud
  • Unauthorized earnings do not exist
  • Taxes/ PAYE are charged appropriately
  • Disengaged staff do not receive payment on monthly basis. 
  • Workers on one grade level do not receive salary for another grade level
  • Retired Staff do not receive payments in the payroll for active staff
  • Staff loan is obtained in accordance with management’s rule
  • Rules guiding overtime and other forms of special payment are not violated
  • Only Qualified Staff are in appropriate Grade Levels within the service
  • Retirement condition (Age / length of Active Service) is not violated

Data Audit of Revenue Records (Generations and Collections)

One of the worst things that can happen to any business organization is not to be certain whether the exact amounts of the revenue that is being charged is the one that is credited to the company’s account. It is possible for an organization to earn 2% of the amount of transaction that comes into the business statutorily but, it is also possible for some fraudulent IT guys to charge something different from 2% for some interested candidates.  Organizations therefore need to be on top of the game and recalculate any revenue item that is calculation based to ascertain the integrity of the revenue line. Our company will help you reperform all revenue lines of items, on revenue data outsourced to us, to ascertain that no financial leakage is being experienced. Some of our regular test objectives include the following reperformance on:

  • Interest on Fixed deposit
  • Interest on Loan
  • Over draft Interest charges
  • Account maintenance fees
  • Interest on Savings Account
  • Interest on Current Account
  • Forex And Foreign Currency Accounts Withdrawal Charges      
  • Interbank Transfer charges
  • Withdrawal at branch charges
  • E-Product charges…
  • Cheques Book Charges
  • Transfers (Internal / External) Charges
  • GIS Transfers              
  • Payment Order charges
  • Rapid transfer charges
  • ATM withdrawal charges

 

We can also help you generate the following reports among other things:

  • Monthly Generation on each line of revenue.
  • Monthly Collection on each line of revenue.
  • Duplicated Debit Note Number.
  • Omitted billing on each line of revenue.
  • Under billing one each line of revenue.
  • Incorrect Debit Note number on each line of revenue.
  • Monthly Outstanding on each line of revenue.
  • Any other thing you may think out for us to generate for you.

Data Audit of Staff Retirement (Pension and Gratuity)

Staff pension record is another area that is prone to fraud. While records of former employees who supposed to have retired are sometimes found in the records of Active payroll staff, the monthly payment of dead pensioners still continue in some government quarters. Our organization can help you conduct audit of staff retirement to ensure that records of formers staff (pensioners) are not used for fraud. Alternatively, if they are being used for fraud, we shall get you informed. A backlog audit could also be performed to ensure the integrity of retirement payment system in your organization, while any payment made to retirees or the relatives in error/ fraud will be recovered using our reporting system.

  • Interest on Fixed deposit

Data Audit of Other Staff Entitlements

Apart from payroll, several payments activities still go along with workers of every organization. These activities if not checked can still be used for fraud. Our company can help you interrogate electronic records of all the payments made to staff either for training, official assignments, loan advances, entitlements, special allowances, etc. that are kept on electronically to ensure that they maintain integrity and are not used for fraud. 

If this is outsourced to us, we shall perform audit of backlog data, generate exception report for the following anomalies and produce report, for you to make a cash recovery for your organization.

  • Duplication of Payments
  • Outrageous Earnings for DTA
  • Double Earnings for Special Allowances
  • Outrageous Earning for Staff Entitlements
  • Fictitious Payment to Staff bank accounts
  • Payment made for unapproved functions
  • Unauthorized earnings on Staff Retirement
  • Inconsistent Payments with approval limit
  • Payment diversion for non-official function
  • Non-Payment for Loan Advances
  • Misappropriation for Special Allowances

Data Audit of Contracts/ Capital Projects

Staff pension record is another area that is prone to fraud. While records of former employees who supposed to have retired are sometimes found in the records of Active We shall develop a solution that will interrogate the records of all the contracts and expenditures made to outside contractors which are kept on the computer system. Our organization shall review the entire system, conduct an audit on the backlog data and attempt a cash recovery from the exception transactions as contained hereunder:

  • Duplication of Payments
  • Abandoned Projects (Payment but no execution)
  • Multiple Payments on the Same Project (Award and re-award of the same contract)
  • Misappropriation of WHT and VAT
  • Payments for fictitious contracts
  • Payment for unapproved Contracts
  • Approval and payment records for Contracts and Capital Projects

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Audit and Systems Solution is a data management outsourcing company, that is out to offer excellent data management services such as data collection and validation, data cleansing and enrichment, data processing and analysis, data audit and reconciliation, and data regulatory compliance among other things.

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