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University of Essex Case Study

Case Study – The University of Essex

Headline

Mastering Financial Accuracy: A Comprehensive Accounts Payable Audit for a Leading University

The client

The University of Exeter is a member of the prestigious Russell Group of research-intensive universities.  It offers a wide range of subject areas in a welcoming and international environment.  Situated on three different campuses in the South West of England.
Established in 1955, it has a rich history dating back to the 19th century, emerging from a collection of colleges and institutes.

Known for its academic excellence, the university consistently ranks among the top institutions in the UK and globally.  It offers a broad range of undergraduate, postgraduate, and research programs across various disciplines, including business, sciences, humanities, and social sciences.

The University of Exeter is recognized for its cutting-edge research, commitment to sustainability, and vibrant student community, fostering a supportive and innovative learning environment.

The requirement

The University of Exeter commissioned Rockford Associates to undertake a totally risk free independent and impartial review of its Accounts Payable Systems and Processes to ensure no overpayments had been made to its core suppliers and to validate internal systems were working well.

The solution

Rockford Associates reviewed six years of data, extracting AP transaction data directly from their Technology One systems data. The process was simple and straight forward as no scripting or software development was required. The data was uploaded to Rockford’s secure share file site, then processed via its bespoke data mining software “Pathfinder”.
Services were procured via Crown Commercial Services (CCS) procurement compliant Framework Agreement reference RM6226.

The results

In total 472,513 transactions were analysed, 99.982% of transactions by volume and 99.995% by value were correctly processed. Of the transactions reviewed 82 exceptions were identified.
In addition to the exceptions identified the University of Exeter welcomed Rockford’s independent validation and positive reassurance that their internal controls and duplicate software processes were operating effectively and clearly within the parameters of a well-managed organisation

472,513

Transactions

99.995%

Transactions processed
correctly by invoice value

82

Exceptions

99.982%

Transactions processed
correctly by invoice volume

Yes

Social Value Delivered

Testimonials

“The Accounts Payable Review with Rockford was a painless and non-disruptive process and I am pleased to confirm that the audit has validated that our financial controls and processes along with our AP team are working effectively and to an exceptional level of accuracy”.

Sarah Ascott – Assistant Director of Finance

“It was a pleasure to work with The University of Exeter and generate cash recoveries whilst independently validating systems and processes are working well. The works were implemented in a timely manner and speedily transacted through the Procurement Compliant CCS Framework. The University of Exeter joins a number of Universities across the UK to have benefitted from an Independent Accounts Payable Audit from Rockford”

Ray Dorney – Director, Rockford Associates Limited

Find out more

To find out more and how you would benefit from an audit completed by Rockford Associates, or if you would like to see more case studies of how we have assisted other organisations please see our contact details below.

Contact:

Rockford Associates Limited
Aston Court
Kingsmead Business Park
High Wycombe
HP11 1LA

Telephone :    07732 294810

Email :             raydorney@rockfordassociates.co.uk

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