Recovery Audit – A Brief History of the Recovery Auditing Industry
The retail industry was the birth place of recovery auditing some 40 years ago, thanks to its complex structure heavily burden with the high volume of countless transactions. This was a “fruitful ground” for all kinds of transaction errors. Very soon, the recovery audit firms realized that there’s a great potential for dollar recovery associated with retail companies. Their auditor teams were reviewing retail AP, purchasing processes, and data, in order to achieve these goals.
As expected, recovery auditing industry inevitably evolved. It had become pretty much obvious that these transaction errors weren’t the exclusivity of retail industry. Any industry dealing with the high volume of both transactions and suppliers is a potential client for providers of recovery auditing services. In addition, the successful recovery practice of auditor teams attracted attention of manufacturing and other high volume companies.