Accounts Payable Internal Controls: People

Accounts Payable Internal Controls: People focuses on the often-overlooked accounts payable internal controls around people. Accounts payable segregation of duties is discussed, of course. This piece also has a story about a crazy way one fraudulent employee figured out to get around the company controls. This employee worked in the #acconting department, although he definitely touched the #accountspayable function through lack of appropriate #internalcontrols.

Accounts payable separation of duties is an important consideration when evaluating internal control weaknesses in accounts payable. For best practices internal controls definitely include appropriate separation of duties.

Internal controls accounts payable always includes internal control best practices for the accounts payable function. This is typically part of the accounting function. The mandatory vacation internal control is overlooked at something like 90% of all organizations making fraud just a tiny bit easier to perpetrate. Internal controls and fraud is a critical issue as we deal with the new frauds continually being throw at us. It is imperative that every organization use internal control best practices related to the people in their accounts payable function.

This is Episode 126 of the AP Now podcast

Link to Accounts Payable Internal Controls You Shouldn’t Use:    • Accounts Payable Internal Controls: Don’t ...  

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

Credit: Music: https://www.purple-planet.com