AP Control Weaknesses [Career Suicide]

Accounts Payable control weaknesses – the nemesis of any accounts payable and accounting groups. There are few things worse professionally than having Accounts Payable control weaknesses discovered by auditors, especially if those discoveries lead to being
written up in the Management Letter as a serious control concern. Don’t let the auditors find the accounts payable control weaknesses; find them yourself and fix them. In this episode we share five simple ways any organization can do just that. #Accounting and #accountspayable professionals who fix the #internalcontrol issues before #auditors find them, will not have to deal with the fallout of being included in the Management Letter.

Accounts payable processes focus on processing invoices and making payments. If there are any control weaknesses, the likelihood for duplicate payments and fraud skyrocket.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

Accounts Payable control weaknesses are a huge issue for accounts payable and accounting groups. There are few things that could do more career damage than having Accounts Payable control weaknesses discovered by auditors, especially if those discoveries lead to being written up in the Management Letter as a serious internal control issue. By finding the accounts payable control weaknesses and fixing them before the auditors have a chance to,
accounts payable and accounting professionals avoid a career landmine.

Link to Pop Quiz: Invoice Internal Controls
https://youtu.be/xUpDs4erAls

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Host: Mary Schaeffer (www.ap-now.com)