Internal Control: Segregation of AP Duties Matrix Helps Bulletproof Controls
February 2006
With the new year started, now’s a good time to review your AP department’s “segregation of duties” setup. Unless there’s a formal division of certain duties, your department has a serious potential control problem that will not escape the auditors’ attention. And if your company is subject to the Sarbanes-Oxley Act, this is definitely a candidate for a write-up. That is, upper management will have to fess up to the fact that there’s a “material weakness” in the company’s internal controls—and that’s the last thing you want to happen.
2009
