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?

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.

Along with those already mentioned, be sure to watch checks that are made payable to employees or their relations.