in3corp Audit

Dear Valued Suppliers and Colleagues:

Philips Lighting has engaged the audit firm, in3corp, to review our global accounts payable activities and enhance our relationships with our supply-chain partners. This audit is commissioned by the Accounting Operations organization. Please note that this is not an audit of individual suppliers, but rather an audit of the accuracy of payments made to suppliers. The objective of this project is to isolate issues within the supplier interface and to identify business process improvement opportunities.

in3corp has signed a non-disclosure agreement with Philips Lighting that prohibits it from disclosing any information obtained from suppliers or others within the course of the audit.

Specific questions relating to the audit may be answered by sending an email to Tom Bennett, Senior Vice President and Global Account Manager for Philips Lighting (tb@in3corp.com) or calling Tom at +1 303 448 1191 ext 102 or +1 303 847 5514 (mobile). For Philips Lighting audits you may also contact Honoré Haarlemmer (honore.haarlemmer@signify.com).

Below is a list of Frequently Asked Questions which you may find helpful.

In3Corp Transaction Review: Frequently Asked Questions

What is the purpose of this audit?

The audit will look into the invoice transactions Philips performs with its suppliers for the purpose of identifying and reconciling transactions and identifying payment errors.

What involvement is necessary from Philips personnel?

A vast majority of the audit work will be performed and coordinated by in3corp. There will be some involvement from Accounting Operations personnel. There may be additional involvement from Procurement and Operations personnel.

What involvement is necessary from Philips’ suppliers?

Most suppliers will have little/no involvement; however, there will be some contact initiated by the audit team in order to conduct further research on cases and to reconcile transactions. In such cases, suppliers are requested to provide information related to billing history, payment posting, and invoice detail. This audit is focused upon the entire paid history for Philips. This is not an audit of specific suppliers.

What is the scope of the audit?

The audit looks back to transactions 2014-present. In some unique cases, transactions beyond this timeframe may be reviewed by the audit team.

What has been done in Philips already?

in3corp has performed audit services for Philips International BV since July 2000. in3corp has developed a worldwide relationship with Philips Lighting, with contacts at multiple levels and areas of the company. Auditors are engaged in ongoing, worldwide reviews for Accounting Operations and have a global footprint.

What has been done on this project?

in3corp teams have received transaction data in an extract of historical transactions from Philips’ SAP system. The audit team has developed a customized transaction database and is now performing independent review and verification using Philips supporting documentation. in3corp tracks all cases and client/supplier contact and reports weekly to Accounting Operations on team progress.

in3corp Audit

Dear Valued Suppliers and Colleagues:

In3Corp Transaction Review: Frequently Asked Questions

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