As retail organisations seek to drive revenues through increased sales, they also face bottom-line pressure to maintain margins in the face of intense competition. In this context, the ability to limit inventory shrinkage—due to theft, fraud, or administrative error—becomes critical to minimising losses and enhancing profitability.
Ongoing retail cash management issues such as procurement card fraud, duplicate payments, missed discounts, and purchase order errors directly affect bottom-line results. Retail organisations need to assurance the effectiveness of internal controls, to identify potential revenue leakage and employee or vendor fraud, and improve business process efficiencies.
A systematic implementation of ACL technology can help retail organisations establish a comprehensive continuous monitoring and auditing program to monitor the effectiveness of internal controls environment, resulting in fast payback and significant improvements to the bottom line.
“With ACL technology, we can now choose stores based on weighted risk factors, which results in more effective scheduling and timely audit planning. The application runs within seconds and provides stores with a level of detail that had never been seen before in one report. It’s as simple as one mouse click.”
Danielle Kragnes, Internal Audit Supervisor, Food Lion LLC
Contact us today to learn more about how ACL technology solutions can be used to: