Internal Control in Accounts Payable
Apart from highlighting failures to follow rules in a procurement process, a procurement compliance audit flashes out deficiencies in procurement systems and procedures. Irregularities such as fraud and corruption are exposed in the manner goods and services are sourced.
Understanding management and audit’s role in:
- Need Recognition. The business must know it needs a new product, whether from internal or external sources.
- Where Controls Can Fail
- Good Internal Control Procedures
- Receipt and Inspection of Purchases
- Potential Sources of Unrecorded A/P
- Red Flags in Purchasing/Inventory
- Where Accounts Payable Come From
- Internal Control Audit Objectives
- General Controls over Acquisitions
- Processing checks Best Procedure
- Vendor Allowances
- Accounts Payable Fraud Red Flag
Inconsistent purchasing processes throughout the organization can lead to a reactive approach to contract management and can limit the organization’s ability to fully monitor the procurement process.
Financial Accountants, Forensic Auditors, Internal Auditors, Financial Managers, Board members, Audit Committee members.
Richard E. Cascarino, MBA, CIA, CISM, CFE, CRMA Well known in international auditing, Richard is a principal of Richard Cascarino & Associates based in Colorado, USA and Johannesburg, South Africa with over 32 years of experience in audit training and consultancy. He is a regular speaker at National and International conferences and has presented courses throughout Africa, Europe, the Middle East, and the USA. Richard is a Past President of the Institute of Internal Auditors in South Africa, was the founding Regional Director of the Southern African Region of the IIA-Inc, and is a member of ISACA, and the Association of Certified Fraud Examiners, where he was a member of the Board of Regents for Higher Education.
Richard was Chairman of the Audit Committee of Gauteng cluster 2 (Premier's office, Shared Services, and Health) in Johannesburg and is currently the Chairman of the Audit and Risk Committee of the Department of Public Enterprises in South Africa.
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