APEX Analytix today announced it has been awarded a contract by the U.S. Department of Labor to recover and prevent improper payments made to individuals, organizations and contractors.
Payment recapture audits are required by the federal "Improper Payments Elimination and Recovery Act." Agency Chief Financial Officers and Inspectors General must identify programs and activities susceptible to overpayments, establish plans for recapturing lost dollars and shore up internal controls to reduce future losses.
An experienced team of APEX Analytix experts will lead the effort, using the company's FirstStrike(R) Accounts Payable and Fraud Detect software to analyze disbursements. FirstStrike automates much of the payment audit process - significantly reducing the time needed to uncover improper payments, compile claims and recover losses.
The same APEX Analytix software also will be used to generate an extensive series of reports that make it easier for the Department of Labor to comply with the reporting requirements of the Office of Management and Budget (OMB) and the U.S. Government Accountability Office (GAO). Among them are summaries of audit scope and spending, audit findings, and the root causes of overpayment errors. The Department also will have ready access to performance benchmarks and metrics it can use to determine how its results stack up against organizations of similar size and scope.
"Overpayments are an expected problem in any organization making sizeable financial disbursements," says Jim Glover, APEX Analytix vice president of strategic government operations. "By adopting the same best practices used by the world's largest corporations, federal agencies like the Department of Labor can proactively monitor their operations, improve their financial controls and become better stewards of federal budget dollars."
About APEX Analytix
APEX Analytix helps companies maximize their profitability and safeguard disbursements globally. Our innovative people, processes and FirstStrike(R) technology have transformed the audit recovery industry, saving our clients billions and making APEX Analytix the world's leading provider of recovery audit, overpayment detection and risk analysis services. For more information, visit http://www.apexanalytix.com/industry/government.
APEX Analytix, accounts payable, continuous monitoring software, disbursements, FirstStrike, fraud, improper payment, information technology, IPERA, procure-to-pay, recovery audit, risk analysis, tax, shared services, recapture audit, Do Not Pay.
Read the full story at http://www.prweb.com/releases/2012APEX/06/prweb9616402.htm
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