As Accounts Payable (AP) professionals, we can tend to panic when we hear the word “Audit”. This could be for several reasons; concerns that issues will be uncovered, worried about the amount of time needed away from day-to-day work or just stressing about meeting with auditors and answering questions correctly. Don’t take these audits personally and don’t face them alone. You are part of a team.
Chances are the audits are required by the company, or by external accountants or municipalities, to ensure operations are above board. In some cases, customers may demand certain audits before agreeing to do business with a company.
In this course, learn some tips and best practices of how to prepare for an audit once you have been notified one is to be held. Learn the benefits of becoming a willing participant and who to reach out to for help. If the AP team discovers an issue while preparing for an audit, don’t try to hide it. Steps to be taken to disclose issues will also be addressed in this program.
Yes, there can be repercussions if issues are found. Learn what needs to be done to correct the finding and what should be done to reduce the risk of that issue reoccurring.
Learn to embrace any audit process. The findings could also be a validation that the Accounts Payable Operations are running as they should. Isn’t that the goal?
Learning Objectives
- Discover the pros and cons of having Audits within Accounts Payable (AP).
- Identify which teams might need to be involved to have a successful audit.
- Explore what can be done to address findings moving forward.
- Recognize ways to find and address issues before audits occur.
- 1. Preparing for An M&A Sale Process, What To Expect
- 2. The Duties Of An Insured Presenting A Third Party Bodily Injury and Property Damage Claim
- 3. KPIs and Metrics for Accounts Payable Operations Using Workflow Systems
- 4. How To Negotiate With Suppliers
- 5. The Importance of Delegation of Authority and Segregation of Duties
- 6. How to Read and Understand a Liability Insurance Policy
- 7. Objectives and Key Results (OKRs)
- 8. Pricing Profitably for Your Product’s Value
- 9. Choice of Entity: Corporation vs. LLC vs. Partnership - A Critical Decision for Start-Ups and Emerging Companies
- 10. Travel Pay: Learn the Rules of the Road for Paying an Employee Who Travels
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Prerequisites
Before taking this course, we recommend you view these titles:
- A Deep Dive into The Responsibilities of Accounts Payable Operations
- Managing Accounts Payable
- KPIs and Metrics for Accounts Payable
- The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
- Benefits of an Accounts Payable Recovery Audit