Accounts Payable Audit Checklist

Audits, in general, can seem a little scary. But, when you perform audits, particularly on your accounts payable (AP) operations, you can catch fraud, mistakes, bottlenecks, and more before they even occur – saving your company precious time and money. Accounts Payable auditing isn’t only a means to ensure compliance; it’s a way to streamline your operations and increase efficiency. 

Whether it’s a legal obligation or not, an Accounts Payable Audit is a good business practice to help you stay on top of your company’s financial activity. Here are a few ways an audit can improve security, efficiency and help find possibilities for cost reduction:

• Double-checking the control over vendor invoices and the approval process helps identify areas where the financial burden/control rests on too few shoulders. 
• Reviewing invoices for possible cash discounts and noting due dates brings to light opportunities to take advantage of any available discounts. 
• Comparing the terms of sale, prices, and list of goods received on vendor's invoices to purchase orders and receiving reports plus all totals prevents theft, fraud, and embezzlement.  

To know more, access this checklist by completing the form and clicking “Download Now.”