JV Audit from the operator's point of view:
This fortune 50 organization recovered approximately $12 million from co-owners of multiple company-operated, jointly owned properties. Examined detail accounts off of the division sub-ledger for items that had been absorbed by the company but could potentially be billed to partners on jointly owned properties. Found multiple examples of items that clearly were for the benefit of the partnerships that had not been billed out. This was primarily due to lack of understanding of operations by accounting, and the implications of not booking these charges correctly.
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