{"id":3593,"date":"2018-07-26T16:34:41","date_gmt":"2018-07-26T16:34:41","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=3593"},"modified":"2022-09-05T20:57:59","modified_gmt":"2022-09-05T20:57:59","slug":"effective-accounts-payable-audits-controls-to-combat-fraud","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2018\/07\/effective-accounts-payable-audits-controls-to-combat-fraud\/","title":{"rendered":"Effective Accounts Payable Audits & Controls to Combat Fraud"},"content":{"rendered":"

Introduction<\/strong><\/span><\/p>\n

With the significant amount of fraud risk associated with the Accounts Payable process<\/a>, having the proper controls and audit program in place is key to the overall health of this critical function.\u00a0 While there are both internal and external threats to your Accounts Payable organization, the external threat has become increasingly prevalent and sophisticated, with new schemes being developed on a frequent basis.\u00a0 The good news is that the technology to combat fraud has also become much more sophisticated in recent years and is being adopted by major companies at an increasingly rapid pace. <\/span><\/p>\n

Company Experience<\/strong><\/span><\/p>\n

A recent Peeriosity PeercastTM<\/sup> featured the Director of Accounts Payable for a global company with annual revenue of over $10 billion with more than 40,000 employees.\u00a0 Accounts Payable is part of an organization called Supplier Services, which is one major tower in their Global Business Services organization.\u00a0<\/a><\/span><\/p>\n

In order to combat fraud, the featured company has implemented both the standard Accounts Payable and Corporate Card controls and some additional measures.\u00a0 The standard controls include effective purchasing policies, proper approvals for purchase orders, use of the three-way match, duplicate payment searches, and bank-supported positive pay matching. In addition, they have the following supplemental controls:<\/span><\/p>\n

Vendor Master Data<\/strong><\/span><\/p>\n