Services
Five services. One method.
Common to all five: every discrepancy identified is verified against the underlying documentation before it is reported.
What is a retrospective financial review?
A retrospective financial review is a targeted analysis of historical financial flows, such as transactions, VAT, contracts and prices. The aim is to find, verify and document specific discrepancies. It suits municipalities, regions and private companies. We go through all the material within a defined area, not just samples.
Sometimes also called recovery audit or process review. See the glossary
How does it differ from a statutory audit?
A statutory audit gives an opinion on whether an organisation’s annual report gives a true and fair view, often by sampling within a given time frame. A retrospective financial review does not give an opinion on the whole. Instead, it goes through a complete historical data set within a defined area, with the aim of finding specific discrepancies.
Read more about the differenceVAT and transaction analysis
Paid twice? VAT that went wrong?
Price and contract compliance
Are you paying what the contract says?
Energy analysis and energy tax
Are you entitled to an energy tax refund?
Property and property tax analysis
VAT and tax on properties, checked.
Tailored analysis
Something else you want reviewed? We adapt.
For the finance director, the CEO and the head of procurement
For the finance director
Control of the bottom line, without adding to the team’s workload.
- Identify recoverable funds
- Confirm that systems and procedures work
- Get a basis for correction and learning
For the CEO and the board
Knowing that money and procedures have been checked, with documentation to show.
- Get an independent picture of where money may have been lost
- Have documented records to present to the board and the auditors
- Know that the same errors are not repeated
For the head of procurement
See where the contract and reality drift apart.
- Identify incorrect prices and terms
- See purchases inside and outside contracts
- Strengthen future procurements with facts
Frequently asked questions
How long does a retrospective financial review take?
It depends on the scope, but most assignments run over a few months from scoping to final report. Refero takes responsibility for the whole process, which keeps the time required from your own organisation low regardless of the size of the assignment.
Is it the same as a process review?
Partly. Process review is a broader term that can cover anything from routines to system support. A retrospective financial review is narrower. We go through historical flows and verify specific discrepancies.