Success Stories
IRM provides professional services at the highest level and has helped in the recovery, or the saving, of hundreds of millions of Rands for our clients.
Lack of corporate governance and identification of multiple questionable transactions
We recently analysed the transactional data of a large formerly JSE listed service provider with over 30 000 employees and turnover in excess of R5 billion in various jurisdictions. Our findings startled the executives as they trusted that the controls in place were adequate to prevent highly questionable transactions across numerous functional areas of the business. We are now working with the client to build system controls to proactively identify questionable transactions to assist in prevention. Their ongoing Masterfile management was hopelessly inadequate, which gives rise to high potential fraudulent conduct.
Fraudulent transactions below corporate authority threshold
An international entity was defrauded by a senior employee over 10 years by fabricating invoices for fraudulent work purportedly done by an entity related to his wife and approving these amounts which were below the threshold level of his authority, hence avoiding detection for 10 years, which resulted in losses of over R20 million.
Identification of duplicate payments due to failure to reconcile to creditors statements
The client did not reconcile monthly supplier invoices to supplier statements erroneously duplicated payments by the client were undetected until we identified, such, resulting in a direct recovery from the suppliers at no cost to the client.
