Review of Purchasing Card Transactions
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1 st Quarter-2011 Review of Purchasing Card Transactions
description
Review of Purchasing Card Transactions. 1 st Quarter-2011. Tests of Purchase Card Transactions. Financial Services *Review statements to ensure documentation and signatures are included *Select sample of transactions for verification - PowerPoint PPT Presentation
Transcript of Review of Purchasing Card Transactions
1st Quarter-2011
Review of Purchasing Card Transactions
Financial Services*Review statements to ensure documentation and
signatures are included*Select sample of transactions for verification*Select sample of transactions for comparison to
information received directly from vendor
Internal Audit*Audit of transactions in conjunction with
department audits*Use audit analytic software to detect
questionable transactions
Tests of Purchase Card Transactions
Merchant Name # of Transactions % of Total Transactions
Amount
PayPal 156 2.2% $34,646.49
Amazon 636 9.0% 33,606.20
Broulim’s 562 8.0% 23,185.25
Wal-Mart 394 5.6% 15,809.53
Henry Schein 11 0.2% 13,369.53
BMC 173 2.5% 11,827.38
LDS Distribution 41 0.6% 9,709.00
Call Oil 86 1.2% 8,513.99
Waxie Sanitary Supply 32 0.5% 6,890.49
Nobel Woodworking Supply
28 0.4% 6,819.73
Top Ten Vendors
Merchant Name # of Transactions % of Total Transactions
Amount
PayPal 156 2.2% $34,646.49
Amazon 636 9.0% 33,606.20
Broulim’s 562 8.0% 23,185.25
Wal-Mart 394 5.6% 15,809.53
Henry Schein 11 0.2% 13,369.53
BMC 173 2.5% 11,827.38
LDS Distribution 41 0.6% 9,709.00
Call Oil 86 1.2% 8,513.99
Waxie Sanitary Supply 32 0.5% 6,890.49
Nobel Woodworking Supply
28 0.4% 6,819.73
Top Ten Vendors
Example of Fraudulent Activity
Pcard holder identifies legitimate University need (e.g., monitor)
Buys monitor at store with personal funds
($200)
Sets up storefront or personal company on
eBay
Pcard holder brings monitor to work
Ebay generates paper trail showing purchase
and shipment
Uses University Pcard to purchase item from
personal company ($250 plus $50 shipping)
University is out $100 with no visible sign of theft!
(Adapted from College & University Auditor, Fall 2010, p. 20)
What do these transactions have in common?
Transaction City / PostMerchant Name Amount Date Phone # Date
Sol Foods Qps 19.33 3/27/2011 SPRINGDALE 3/28/2011Askart.Com 24.95 3/20/2011 480-703-9535 3/21/2011Kirkhams Outdoor Produ 385.33 3/13/2011 SALT LAKE CIT 3/15/2011Rai*Id Parks And Rec 52.00 3/6/2011 888-778-4520 3/7/2011Macs #22164 53.74 2/27/2011 LETHBRIDGE 3/2/2011Rai*Id Parks And Rec 44.00 2/20/2011 888-778-4520 2/22/2011Paypal *Rareposters 423.80 2/13/2011 402-935-7733 2/15/2011Rai*Id Parks And Rec 24.00 2/6/2011 888-778-4520 2/7/2011Rai*Id Parks And Rec 44.00 1/30/2011 888-778-4520 1/31/2011Amazon Mktplace Pmts 18.56 1/23/2011 AMZN.COM/BILL 1/24/2011Fullcompassweb 79.21 1/16/2011 800-356-5844 1/18/2011Amazon Mktplace Pmts 9.92 1/9/2011 AMZN.COM/BILL 1/10/2011Amazon.Com 42.90 1/2/2011 AMZN.COM/BILL 1/3/2011
Sunday TransactionsTransaction City / Post
Merchant Name Amount Date Phone # DateSol Foods Qps 19.33 3/27/2011 SPRINGDALE 3/28/2011Askart.Com 24.95 3/20/2011 480-703-9535 3/21/2011Kirkhams Outdoor Produ 385.33 3/13/2011 SALT LAKE CIT 3/15/2011Rai*Id Parks And Rec 52.00 3/6/2011 888-778-4520 3/7/2011Macs #22164 53.74 2/27/2011 LETHBRIDGE 3/2/2011Rai*Id Parks And Rec 44.00 2/20/2011 888-778-4520 2/22/2011Paypal *Rareposters 423.80 2/13/2011 402-935-7733 2/15/2011Rai*Id Parks And Rec 24.00 2/6/2011 888-778-4520 2/7/2011Rai*Id Parks And Rec 44.00 1/30/2011 888-778-4520 1/31/2011Amazon Mktplace Pmts 18.56 1/23/2011 AMZN.COM/BILL 1/24/2011Fullcompassweb 79.21 1/16/2011 800-356-5844 1/18/2011Amazon Mktplace Pmts 9.92 1/9/2011 AMZN.COM/BILL 1/10/2011Amazon.Com 42.90 1/2/2011 AMZN.COM/BILL 1/3/2011
To keep ourselves unspotted from the world, He expects us to avoid such worldly distractions of businesses and recreational facilities on the Sabbath day.
Sometimes we think of resting from our labors as merely letting the hay baler stand idle in the field or putting a Closed sign on the business door. Yet in today’s world, labor includes the everyday work of our lives. This could mean business activities we may accomplish from home, athletic competitions, and other pursuits that take us away from Sabbath day worship and the opportunity to minister to others.
(April 2011 General Conference, highlight added)
Elder L. Tom Perry
The Purchase Card Policy States:
The dollar limit is $1,000 per transaction and $3,000 per month unless otherwise approved by the cardholder's supervisor, vice president, and the Director of Financial Services. Please be aware that trying to pay for one item with two transactions to supersede this limit, referred to as "splitting", is a violation of this policy.
Split Transactions
ExamplesMerchant Name Amount Transaction Date Transaction ID
INTERNATIONAL ALLIANCE 525.00 01/21/2011 85438621INTERNATIONAL ALLIANCE 525.00 01/21/2011 85438620INTERNATIONAL ALLIANCE 525.00 01/21/2011 85438619INTERNATIONAL ALLIANCE 525.00 01/21/2011 85438618INTERNATIONAL ALLIANCE 525.00 01/21/2011 85438585LEARNING & THE BR 565.00 01/8/2011 84546736LEARNING & THE BR 565.00 01/8/2011 84546735BMC 1800 REXBURG 229.99 01/21/2011 85438490BMC 1800 REXBURG 972.34 01/21/2011 85438489MITACS 517.89 02/28/2011 87869690MITACS 517.89 02/28/2011 87869689JHMR GROUPS/CATERING 757.00 02/5/2011 86320768JHMR GROUPS/CATERING 600.00 02/5/2011 86320767
Be aware of what is being purchased.
Help those in your area be aware of reviews being done.
Ask questions so cardholders know you’re actually reviewing the statements.
Ask for help if you have a concern.
Conclusion
Questions?
