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?
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My opinions are just that...my opinions.
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.