The document discusses the role of internal audit as a revenue center, emphasizing its importance and potential for cost and revenue recovery in organizations. It includes testimonials from auditors highlighting significant financial recoveries due to audits. The document concludes with a focus on the qualifications needed for auditors and various opportunities for recovery and savings.

1. INTERNAL AUDIT AS A REVENUE CENTER Ralph Villanueva MBA CPA (Phil) CIA CFE

2. INTERNAL AUDIT = REVENUE CENTER UNIQUE ROLE IN ORGANIZATION

3. INTERNAL AUDIT = REVENUE CENTER ECONOMIC RECESSION

4. COMMENTS FROM SUCCESSFUL FELLOW AUDITORS “ I can tell you, my best findings ever took me an HOUR to find; we uncovered $10,000,000 due to an incorrect exchange rate charged by a contractor back to my client” – Denise Cicchella CIA CFE CCA PMP FLMI

5. COMMENTS FROM SUCCESSFUL FELLOW AUDITORS “ I can tell you one of the audits that my team was involved with. The caterer overcharged our client $250,000 worth of food and supplies.” – Voravit Ray Thunyapoo

6. COMMENTS FROM SUCCESSFUL FELLOW AUDITORS “ My upper estimate for the overcharge was about $1,300,000, but we settled for $410,000 .” – W. Benson Dana

7. QUALIFICATIONS NEEDED BASIC AUDITING SKILLS AND KNOWLEDGE INQUISITIVE MIND FEARLESS ATTITUDE

8. $$$ ORIENTED PROCESS

9. HOW TO BE A REVENUE CENTER 1. Cost recovery 2. Revenue recovery 3. Cost savings

10. COST RECOVERY OPPORTUNITIES 1. Overpayment 2. Duplicate payment 3. Unauthorized payments

11. EXAMPLE OF OVERPAYMENT

12. EXAMPLE OF OVERPAYMENT

13. EXAMPLE OF OVERPAYMENT

14. EXAMPLE OF DUPLICATE PAYMENT

15. EXAMPLE OF DUPLICATE PAYMENT

16. EXAMPLE OF DUPLICATE PAYMENT

17. EXAMPLE OF UNAUTHORIZED PAYMENT

18. EXAMPLE OF UNAUTHORIZED PAYMENT

19. EXAMPLE OF UNAUTHORIZED PAYMENT

20. REVENUE RECOVERY OPPORTUNITIES

21. REVENUE RECOVERY OPPORTUNITIES

22. REVENUE RECOVERY OPPORTUNITIES

23. REVENUE RECOVERY OPPORTUNITIES

24. COST SAVINGS OPPORTUNITIES

25. COST SAVINGS OPPORTUNITIES

26. “ Some of us will do our jobs well and some will not, but we will all be judged by only one thing – the result .” Vince Lombardi, great American football coach CONCLUSION