Smarter Payments e-Report Edition 7
TAKING CONTROL: A HANDY CHECKLIST OF KEY INTERNAL CONTROLS
Accounts Payable (AP) is a critical part of the financial operation of all companies and, as such, it can be subject to fraud without careful reconciliation and oversight. Strong accounts payable audit procedures can also ensure the accuracy and timeliness of your bill payments, with the best of these procedures allowing a mixture of daily checks, routine internal controls and external audit procedures.
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MAINTAINING CONTROL WITHIN ACCOUNTS PAYABLE
Last week we received the news that Britain is finally creeping out of recession but over the past few years we have seen the financial failure and collapse of thousands of businesses worldwide, some of them big household names. There is no doubt that when times are hard some businesses will fail and others will endure, perhaps even profit. There are many reasons for this of course, but one of the lessons we surely have to take from all of this is that good governance, risk management and internal controls are essential to corporate success and longevity.
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