What is a Contractor Compliance Audit?
A contract compliance audit provides you an independent assessment of previously paid invoices. It confirms if your company paid too much for labor services and needs to be reimbursed by the contractor. This review service is available from CVM to your company for only a portion of the overpayments.
Do you feel comfortable with the correctness of your contract labor invoices prior to being sent to your Accounts Payable Department ?
Do your labor contracts:
• Contain very complex terms & conditions?
• Have complicated labor rates, rules & fees?
• Utilize electronic time capture tools?
• Are you contractor dependent on receiving a quality invoice that requires little review ?
If you said yes, you need a Contractor Compliance Audit!
Why should your company consider this review process?
• Nothing to lose and everything to gain
• Facilitates compliance with Sarbanes-Oxley Section 404
• Labor invoice error rate ranges 4-7%
• No upfront costs
• Minimum disruption to your personnel
• Payment for CVM’ s services is only on completion of review
What are the capabilities of the CVM toolbox?
• No limits to number of individuals
• Handles complex Terms & Conditions
• Multiple schedules, rules, & rates
• Interfaces to many time capture tools
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• Uploads your electronic data
Why Utilize Our Services ?
CVM utilizes a proven proprietary audit engine* which uses electronic data from your Access Control System and contract data to calculate accurate Contractor cost basis contract terms and conditions, including: complicated pay rules, shift differentials, starting and ending grace periods, etc.