Audit advanced Works with: Any AI

Credit Note and Refund Control Audit

Table output Has example

Audit credit note and refund controls to check that credits are approved, recorded and not open to misuse or error.

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Review credit notes and refunds. List of credit notes and refunds for the last quarter, with codes instead of names: [CREDIT_LIST]. Approval rules: [APPROVAL_RULES]. Who can issue them: [ISSUERS].

Check that each credit links to an original invoice, has a reason, was approved at the right level, and was posted in the right period. Look for repeated credits to the same customer, credits just below approval limits, and credits issued by the same person who recorded the original sale.

Return an exceptions table, summary statistics (count, total, average, largest) with arithmetic, and recommended controls: reason codes, approval limits and a monthly review by someone independent. Present patterns as questions to ask, never as conclusions about people.

Add a worked exception review with invented data. Twenty credit notes in the quarter total 3,400, an average of 170. Largest 900, issued by the same person who raised the original invoice, with a reason of goodwill. Three credits of 495 to 499 to the same customer code, just under an approval limit of 500. Two credits with no linked invoice. Present these as questions: why were the three credits split, who approved the largest, and what is the documentation for the two unlinked? Calculate the share of credit value flagged: 900 + 3 x 497 + 2 x 120 = 2,631 out of 3,400, about 77 percent, which suggests the flags need prioritising rather than treating equally; rank them by amount and risk. Describe controls: reason codes from a fixed list, approval limits that apply to the total credited to one customer in a period, independent monthly review, and the rule that refunds go to the original payment method. Add a short template for recording decisions and a plan to report credit rate as a percentage of sales each month, with an example of 3,400 over 85,000 sales equal to 4 percent. Remind me that unusual patterns often have innocent explanations and the review is to improve controls.

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Invented quarter: 20 credit notes totalling 3,400, average 170.
Flags: one credit of 900 issued by the person who raised the invoice; three credits of 497 to one customer code under a 500 limit; two credits with no linked invoice (120 each).
Flagged value = 900 + 3 x 497 + 2 x 120 = 900 + 1,491 + 240 = 2,631, which is 77 percent of 3,400.
Credit rate = 3,400 / 85,000 = 4 percent of sales.
Questions: who approved the 900? why three credits just under the limit? what documents support the unlinked ones? Controls: reason codes, cumulative limits, monthly independent review.

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