Providing a very different service to the financial performance review, the financial audit is designed for those clients who contract out their catering services and receive a turnover based concession from the caterer. The purpose of the financial audit is to verify that the turnover figures declared by the caterer are a true and accurate record of the turnover for the site, thereby ensuring that the full concession income is being paid.
During the audit process we will:
- Ascertain the turnover figures for the period, using till rolls, sales records, stock levels, banking records, and invoices as relevant and ensuring the arithmetical accuracy of the record keeping.
- Check figures against the reported turnover
- Calculate the concession rent due for the period under inspection
- Calculate statistical data - such as comparisons of turnover year on year, penetration rates and average spend per head - and, where possible, benchmark this against other, similar locations
- Assess the financial position of the contract to ascertain whether it is achieving its full financial potential.
At the conclusion of the audit, we will present the findings from the audit in full report format.