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Enrolled:
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Duration: 1 Hour
Level: Intermediate
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Most managers of Accounts Payable (AP) wince at the word “Audit” however there is one type of audit that can prove to be very beneficial to AP and the company as a whole; an Accounts Payable Recovery Audit.

An Accounts Payable Recovery Audit could uncover mistakes that were made previously, and then corrections can be made or procedures revised to prevent such errors from occurring again in the future.

Additionally, an Accounts Payable Recovery Audit can reveal vendor credit memos due to the company that were never received by Accounts Payable or uncover cash application errors made by vendors.

In this course, we explore the benefits of an Accounts Payable Recovery Audit.  We also identify the amount of effort required by the company’s Accounts Payable and Information Technology (IT) teams in order to maximize the amount to be recovered.  A successful recovery audit does take time.

As a reminder, Accounts Payable is not just about processing vendor invoices for payment.  We also touch on the benefits of having billed amounts compared to contracts, the accuracy of sales tax billed on invoices and discuss the audit of Purchasing Card transactions.

Finally, we will explore what to look for when selecting an Accounts Payable Recovery Audit company and examine how the services are billed. It should be a relationship that fits in with your organization.  

Course Collections

This course is included in the following Course Collections:

Learning Objectives

  • Explore what an Accounts Payable (AP) Recovery Audit is and recognize what can be covered.
  • Identify the benefits of having an Accounts Payable Recovery Audit.
  • Explore which teams need to be involved on the side of the company to have a successful audit.
  • Recognize what to consider in selecting an Accounts Payable Recovery Audit company.
  • Explore how such services are billed to the company looking for such an audit.

1 Review (12 ratings)Reviews

5
Anonymous Author
Good explanation of benefits of an ap audit.

Prerequisites

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
  3:02Introduction to "Benefits of An Accounts Payable Recovery Audit"
  5:05What is a Recovery Audit and Why Consider One?
  2:18Benefits of a Recovery Audit
  3:14Selecting a Recovery Audit Firm
  2:31Details to be Supplied for Analysis
  6:03From Data Analysis to Recovery of Funds
  7:32From Data Analysis to Recovery of Funds (Continued)
  6:53Lessons Learned and Conclusion
Continuous Play
  36:38Benefits of an Accounts Payable Recovery Audit
SUPPORTING MATERIALS
  PDFSlides: Benefits of Accounts Payable Recovery Audit
  PDFBenefits of Accounts Payable Recovery Audit Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM