The Weakest Link: Where AP Separation of Duties Fall Apart

The Weakest Link: Where AP Separation of Duties Fall Apart focuses on those accounts payable internal controls that are frequently broken, areas where, for the most part organizations don’t realize they are ignoring the controls that protect their organization against fraud, duplicate payments and inefficiencies. Often companies allow these practices without even considering how they might facilitate fraud. Separation of duties is sometimes called segregation of duties. Make sure to stick around until the end when we discuss one issue that is allowed at most organizations and can cost them big time. #accountspayable #separationofduties #segregationofduties

This is an informative presentation that highlights the common breaches of accounts payable internal controls. This session emphasizes that many organizations are not aware of their lack of compliance with controls that safeguard against fraudulent activities, duplicate payments, and inefficiencies. In many cases, companies tend to overlook the risks associated with these practices, which can potentially facilitate fraudulent acts. Separation of duties is also known as segregation of duties, and this session will provide insights into how to implement it effectively. To maximize your learning, please stay tuned until the end when we discuss a crucial issue that is often neglected by most organizations and can lead to substantial financial losses.

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

Link to Internal Controls That Never Work
https://youtu.be/JCVR4BFKHwM

 

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

#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices