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Travel Agency Audit- How to turn internal audit to your business benefit.

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Travel Agency Audit- How to turn internal audit to your business benefit.

When it comes to travel agency audit, experience and expertise are essential. Internal Audit should not just provide findings and opinion on financials, risk management, control and governance but adding value to achieve your business goals.

Travel agency audit specialists will establish the proper procedures to regularly monitor billing, finance performance and implementing the necessary controls that allow for complete visibility of your finance and accounts reports.

An experienced dedicated team needed for detailed assessment of your travel agencies for:

  • Risk assessments
  • Checking errors
  • Detection of fraud
  • Performance of people
  • Effectiveness of various process
  • Review of business
  • Technology and accounting system

By experience and research, they provide a comprehensive auditing process which includes the following steps:

  • Analysis of reports, verifications of reconciliations of accounts, interbranch/department accounts.
  • Analysis of Air and Non-Air Revenue.
  • Review of cash management.
  • Review of Accounts Receivable and Accounts Payable.
  • Review of Incentives and commissions from Airline, GDS and other suppliers.
  • Review of expenses, ADMs, employee benefits.
  • Identify revenue leakage in Invoicing and Refunds.
  • Review of existing Management Information Systems (MIS) and the current reporting structure.
  • Review of existing procedures and policies.
  • Risk assessment across all functions, against the achievement of the key objectives of the Establishment.
  • Assist in Fraud investigation.
  • Benchmarking of Travel agency structure.
  • Assistance in the implementation of performance standards and monitoring.
  • Recommendations for increasing controls and delivering greater transparency and mechanisms.

They should approach the auditing process collaboratively. They work with your team and conduct a thorough audit without disrupting your relationships.

SkyBook Global understands the nature of Travel agency, as well as the value an Internal audit brings to your organization. Our Audit experts have well experience in Travel, Tourism & Airline Industry, and expertise to identify and mitigate your business risks.

Get started today with SkyBook’s advanced Travel and Tourism Outsourcing Solutions to streamline your Travel Operations. Start SkySource today to experience the benefits firsthand. 

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