Vendor Issues in Accounts Payable ON DEMAND

Overview

Vendor issues in an accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, improper data entry, and the lack of rigid internal controls all can result in fraud and duplicate payments. And addressing these issues is not as easy as you might think. There are numerous details that, if ignored, can negatively impact the bottom line. Industry expert Mary Schaeffer reveals common problems and provides strategies that every organization should implement to minimize, if not eliminate, the impact of vendor issues. NOTE: the information covered in this accounts course is also covered in the Creating an Accounts Payable Policy and Procedures Manual, Internal Controls in Accounts Payable, and Best Practices for Accounts Payable courses.

Highlights

Current events impact. The master vendor file. Data entry in the master vendor file. Vendor contact information. Handling new vendors. Critical vendors. Vendor relations. Vendor fraud.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Identify issues related to vendor activity in accounts payable. Indicate problems that are likely to occur when vendor issues are not addressed in accounts payable. Cite the impact of current event changes into the ongoing accounts payable practices. Identify problems likely to occur if the potential for fraud is ignored in accounts payable. Identify issues related to proper and improper segregation of duties as they relate to the master vendor file. Cite issues of ownership related to the master vendor file. Cite controls needed around the master vendor file. Identify where problems occur when data entry isn’t handled using a rigid coding standard. Cite reasons for the necessity of a regular cleansing of the master vendor file, and more.

Preparation

None.

Notice

None.