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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.
Last updated/reviewed: January 9, 2019

Prerequisites

Course Complexity: Intermediate

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

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 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  1:54Introduction to Preparing for Audits
  5:37Preparing for Audits – Part 1
  6:10Preparing for Audits – Part 2
  5:17Identifying Requirements and Making a Plan
  8:05Benefits of and Managing an Audit
  4:08Review of Results and How to Reply
  7:36Company Mandated and Other Audits
  2:21Conclusion of Preparing for Audits
CONTINUOUS PLAY
  40:54Preparing for an Audit of Account Payable Processes and Procedures Full Video
SUPPORTING MATERIALS
  PDFSlides: Preparing for an Audit of Account Payable Processes and Procedures
  PDFPreparing for an Audit of Account Payable Processes and Procedures Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM