3 Stage Accounts Payable Audit
All organisations will have accounts payable errors to manage. Our first step here is a forensic, 3-stage Accounts Payable Audit of historical spend, with the aim of identifying errors to provide a ‘clean bill of financial health’ . We then secure the associated refunds on your behalf.
These valuable refunds will boost cashflow, generate funding and alleviate budgetary pressure. We’ll then explain the historical and ongoing risks that have contributed, so you have a clearer insight into your Accounts Payable function and are able to avoid errors in the future.
Typical Audit Project
First off, we arrange an initial meeting with you to discuss pre-audit requirements, which will allow us to agree on the process, the plan and audit scope. In addition, during the meeting we can confirm our day-to-day working contacts with you and secure letters of authority and an exception list.
We then receive an extract of your data, load it into our proprietary software system and perform initial quality assurance checks.
The 3-stage Accounts Payable Audit
Stage 1: Accounts Payable Review
- Review of all transactional data and locating erroneous errors
- Liaising with suppliers to recover monies
- Obtaining refunds and deductions on your behalf
Stage 2: Supplier Statement Audit
- Contacting all suppliers to obtain a current statement
- Identifying open items on supplier ledger
- Liaising with suppliers to resolve overdue items
- Obtaining refunds/deductions in relation to credit items
Stage 3: Audit Completion, including Management Report
- A summary of findings throughout the review
- Highlighting errors and advising of their root cause
- Recommending corrective action to minimise errors and improve accounts payable processes
We work on a share of savings basis - there are no upfront costs associated with an audit. At the end of the process, you will receive a detailed report on all findings including any liabilities, so that important decisions can be made on the claims to be pursued. We provide a complete end-to-end service, maximising the value to you and your business but minimising the input required.