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Article Excerpt
The percentage of expense reports that companies audit still varies greatly based on personal preference, as increased corporate adoption of automated systems enables companies to incorporate their own rules to flag out-of-policy expenses and to help them comply with Sarbanes-Oxley reporting requirements.
"Automated expense reporting systems have given people the opportunity to reduce audits to a relatively low number since the rules which reflect their travel policies are embedded in the system. Therefore, to a great extent there's no need to audit beyond that," said David Hillman, a principal in New York-based Consulting Strategies. "That being said, there are certain circumstances under which you want to audit, and just good policy says you should audit a certain sample to make sure that in fact people are following the policy and the system is working."
Hillman said that it is simply "good business practice" to audit a random sampling of expense reports, with the number of random audits falling "typically somewhere between 5 and 10 percent."
David Kaufman, partner in New York-based Acquis Consulting Group, agreed. "A lot of best...
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