Sarbanes-Oxley Toolkit: Practices to Ensure Adequate Controls Related to the Processing of Invoices
April 2005
Main Article
While no two accounts payable departments are constructed exactly the same, the one thing they all have in common is that every single AP department processes invoices. Thus, it is surprising that there are so many different ways that organizations process invoices, making it an area vulnerable to inadequate controls. Prior to the enactment of Sarbanes-Oxley, lack of adequate controls only opened the company up to fraud or duplicate payments—serious consequences to be sure. Now a company without adequate practices in this arena opens itself up to SEC censure. What follows is a list of steps that you can use to ensure that you have the proper invoice handling processes in place in your organization.
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