1. CUSTOMERS’ ACCOUNTS RECONCILIATION AND DEBT RECOVERY

We observed that the activities of your organization are large in nature, and spread across Nigeria and Africa continent. As a result, it may be difficult to monitor closely and reconcile all your transactions with your dealers, agents, major subscribers, or customers, using your limited in-house staff. This is due to the time consuming nature of accounts reconciliation, and the constraints to combine routine schedule of staff with the rigorous exercise of reconciliation.

We also observed that money remitted by your agents and customers might not have been reconciled regularly, thereby denying your organization the appropriate revenue. This may lead to huge loss of income to your organization.

2. FORENSIC AUDIT, AND EXCESSIVE BANK CHARGES RECOVERY

Also, there are instances where customers’ cheque are returned unpaid, but were erroneously omitted from being debited back to the customers’ accounts. This implies that such customers will continue to enjoy credit balances that they are not entitled to. In addition, there are instances of erroneous debits and wrong calculation of interest charges on bank accounts, or omission of interest income on bank deposits.

3. RECONCILIATION OF SUBSIDIARIES AND ASSOCIATED COMPANIES

We observed that there have been differences in account balances featuring in organization’s records with that of their related parties, which have been carried over the years without meaningful reconciliation between parties involved. Consequently, this has led to serious loss of revenues to the concerned organizations, and it continues to increase daily.

Therefore, to recoup the loss revenue and stop further loss, there is need for the engagement of an independent consultant who has the wherewithal and experience to handle such matters.