Going over budget is always a risk when organizations undertake important large-scale projects. However, just because these errors can occur, doesn't mean they cannot be fixed. By implementing recovery audits, companies may be able to uncover inefficiencies, devise effective strategies for regaining lost funds and determine how to prevent future problems.
According to The Detroit News, an audit initiated by Wayne County, Mich., found that save up to $20 million per year. However, it is now estimated that $391 million will be needed to complete the project. A task force will be investigating the problems that may have led to this discrepancy.
The Associated Press reported that the Wayne County prosecutor is also looking into the matter. The attorney believes that there may have been fraud involved, based on information she gleaned from the audit.
For any enterprise looking to gain insight into overspending, recovery audits can be very helpful. Through these solutions, organizations can pick up the pieces and correct course to ensure success.