Preparing for an Audit of Account Payable Processes and Procedures

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?