Five Internal Controls That Will Protect Your AP Department and Company
July 2004
Main article
Adequate internal controls in the AP process are critically important to protect against fraud. While the recent accounting debacles and the enactment of the Sarbanes-Oxley Act have brought the issue home to roost, accounts payable professionals have long been aware of the importance of all sorts of controls. But exactly what controls are important for accounts payable? Speaking at the National Association of Purchasing Card Professionals’ annual conference, Brigham Young University’s Steven Sorenson broke down control procedures for accounts payable into five broad areas. He then gave suggestions for each type of control. Although he was speaking about purchasing cards, you will see that the controls he suggests are applicable to all accounts payable functions.
2008
