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#111557 - 09/03/03 02:10 PM Vulnerabilities - Accounts Payable
Risk Officer Offline
100 Club
Joined: Apr 2001
Posts: 205
I am currently working on a risk assessment for the Accounting Department. What would you consider to be the most significant exposures and vulnerabilities relating to accounts payable?
My opinions are just opinions.

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#111558 - 09/03/03 03:07 PM Re: Vulnerabilities - Accounts Payable
MackenzieS Offline
Diamond Poster
Joined: Jul 2002
Posts: 1,722
Proper authorizations established by dollar limitations. This would include the approval of the invoice AND the check signing authorities. Reconciliations on a timely basis, usually set by the state banking department - no less than monthly and performed by someone not responsible for the input or creation of entries. Control over cashiers check stock. Accurate reporting to the BOD of items overs a certain threshold (again guided by state banking department laws). Record retention.

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#111559 - 09/03/03 03:11 PM Re: Vulnerabilities - Accounts Payable
Kansayaku Offline
Diamond Poster
Joined: Jan 2003
Posts: 1,454
Along with those already mentioned, be sure to watch checks that are made payable to employees or their relations.
I have many opinions; some are good, some are bad, and some don't contradict.

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