Retail Recovery Audit
Over the years, retailers and their vendors have made significant investments in their purchase-to-pay and order-to-cash systems and infrastructure. Despite this, errors still occur that represent significant overpayments and lost profits to retailers.
Whether you are an external retail recovery auditor or you are part of an internal team charged with finding these overpayments, this five module series is targeting individuals who want to acquire and/or demonstrate an intermediate to advanced working knowledge of retail recovery auditing.
Upon completion of the Certificate Program, you will be able to:
- State the business rationale for conducting recovery audits.
- Describe the purchase-to-pay systems and business processes, along with common P2P issues that result in overpayments.
- Describe and identify key retail recovery audit "claim categories".
- Apply key retail recovery audit communication best practices.
You will attend five web-based educational sessions followed by a comprehensive online knowledge assessment on the program content, as well as testing your application of this knowledge by reviewing sample data and claims. Successful completion of the course will result in earning a professional development certificate that validates your knowledge of the subject.
You may purchase the course here.
Module 1: Overview & Business Rationale for Conducting Recovery Audits
Upon completion of this module, you will be able to state why recovery audit remains a key management practice with retailers, articulate the justification for recovering overpayments, and describe the four main phases of the retail recovery audit process, along with the most common approaches for deploying recovery audit in a retail environment
Module 2: Retail Purchase-to-Pay Cycle
Upon completion of this module, you will be able to describe the typical retail purchase-to-pay (P2P) process, including key functions involved, key activities performed, and key outputs from each process step. You will also become familiar with common P2P issues that result in overpayments.
Module 3 & 4: Retail Recovery Audit Claim Categories I & II
Upon completion of these modules, you will be able to identify and describe over 20 of the most common retail recovery audit claim categories in the following areas: discounts, pricing, promotional and deal allowances, and returns. Generally, each claim category is defined and further supplemented with scenarios and examples that make the claim category "come to life" and provide different ways auditors analyze transactional data for overpayments.
Module 5: Key Retail Recovery Audit Communication Practices
Upon completion of this module, you will be able to: implement basic communication skills that are core to building trust and credibility, articulate how to develop audit guidelines, describe key elements of a well-documented claim, and utilize new techniques and metrics to communicate audit performance and deliver key insights more effectively – to all stakeholders.
Field of Study: Auditing
Program Level: Intermediate
Delivery Method: Internet Based
Prerequisites: Minimum of one year professional experience
Advanced Preparation: None
Successful completion of this program qualifies you to receive up to 3 CPE credits.