What is the audit process?  

Once data has been received by our team, our staff will begin to examine the electronic records of payments through our proprietary audit software. Our auditors will review the areas listed above, along with 21 others areas, to identify potential errors. Once errors are identified, we will produce copies of supporting documentation for the client and vendor, and request that the payment be returned from the vendor.


We already receive audit services from a large accounting firm, why do we need Auditrax?

The type of audit provided by large accounting firms (BDO, Deloitte, E&Y) is to ensure that financial statements are in order and meet the standards required by various regulations. Auditrax, on the other hand, performs a review of the payments made by client organizations to ensure each and every payment is accurate. When these payments are not accurate, Auditrax collects these payments for the client, a service not offered by accounting firms.


Does Auditrax extrapolate savings into the future and bill for those savings?

Unlike many of our competitors, we do not believe this is an ethical business practice. Auditrax does not engage in billing for any future savings or extrapolation of claims over a 2-4 year period. Our audit reports are designed to help companies avoid errors in the future and create a sustainable financial situation for our clients.

We simply bill when capital is actually recieved by the client in the form of:
1. A check from the vendor
2. A credit memo from the vendor
3. An offset towards an open invoice or free product from the vendor.

How long does an audit take?

The size of the company is the biggest factor is determining the timeline for an audit. However, our audits usually take between 3-8 weeks from the time the data is received by our auditors to the final presentation to the client staff.



What effect will the audit have on financial strength of our company?






What is the cost of your audits?

Our audits are performed on a contingency basis with no upfront or hourly fees. We simply get compensated a percentage of the claim amount we return to your company. This rate varies based on client size, industry, location, and other mitigating details. If our encompassing audit fails to find any errors, we congratulate you on your job well done and move on.


Who receives the results of an audit within our company?

Typically the audit report is presented to the CFO or Controller of a company, but the client is welcome to invite any personnel they feel may benefit from hearing the results. Auditrax will work with the client to ensure that this valuable information is passed on to all those requested in order to reduce future errors.