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A Direct Debit Compliance and Process Audit typically takes one full day. The first part of this will be held on-site at your offices where a trained Clear Academy Auditor will review all of your Direct Debit documentation and processes from start to finish. We will spend approximately half a day with you going through each step of the Direct Debit cycle. The remainder of the time will them be spent off-site where our trained Auditor will write a comprehensive report on all findings. This will include clear recommendations, for example, looking at the way you work with your Bacs and database software, advice on security, accuracy or audit trails etc.
Benefits of a Direct Debit Audit The benefits of a Direct Debit audit are numerous. Audits can improve a company’s efficiency and profitability by helping the management better understand their own Direct Debit and financial systems. The team is left with much greater confidence that they are doing things correctly and management are also assured that the weaknesses, risks and areas of non-compliance in their organisation are well-studied, and effective systems are in place to handle them. Audits can also identify areas in an organisation’s financial structure that need improvement, and how to implement the proper changes and adjustments. Having an audit also lessens the risk and therefore the cost of capital. An audit can uncover incorrect or inaccurate processes and discrepancies, which may be indications of weak financial organisation or even internal fraud, (although fraud detection is not the main purpose of an audit). In summary, benefits include: · Greater understanding of your overall Direct Debit set up · Identify key areas for improvement in your systems and processes · Assess risk, efficiency, quality of processes and economy · Assess IT systems and learn about improvements or new technology · Tighter security and reduction of risk · Improve the level of internal control · Recommendations about actions for immediate improvement i.e. on reducing unpaid items and failed DD set ups
In most cases the Direct Debit Audit will pay for itself in terms of improved efficiency, reduced errors and improved collections so call us today to arrange a date.
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“Thanks for the report, it is very clear and exactly the sort of technical guidance we have been looking for ”
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© Clear Academy Ltd 2011, Clear Academy is a trading name of Cleara Consulting Ltd. company registration number 07081560 |
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Direct Debit Audit Services |
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