AVIDXCHANGE TM USERS CONFERENCE

Size: px
Start display at page:

Download "AVIDXCHANGE TM USERS CONFERENCE"

Transcription

1 AVIDXCHANGE TM USERS CONFERENCE

2 Meet Your Speaker Rhonda Greene Solutions Consultant + AP Guru AvidXchange 2

3 AVIDXCHANGE USERS CONFERENCE Best Practices for AP: Spring Cleaning + Best Practices in a Busy AP World

4 Agenda Vendor Master File Internal Controls Preventing B2B Fraud Recovery Audits Best Practices for AP Spring Cleaning Open Forum Discussion Bring your AP questions and suggestions and share with your peers! 4

5 Master Vendor File Cleanup 5

6 Master Vendor File Cleanup Perform a Thorough Review of Your Vendor File Did you know that almost 30% of all duplicate payments are the result of duplicate vendors? ABC Inc. ABC Incorporated ABC Create a Standardized Vendor Data Entry Process 6

7 Master Vendor File Cleanup Perform a Thorough Review of Your Vendor File Ensure You Have a W9 for Each Vendor Request a new W9 Verify the TIN and perform an OFAC search Obtain any missing data TIN Matching IRS.gov Match the payee name and TIN Decreases backup withholding and penalty notices 7

8 Master Vendor File Cleanup Perform a Thorough Review of Your Vendor File Archive Inactive Vendors No invoices or payments in 12 months Consult responsible department or individual Invoice and payment history remains 8

9 Internal Controls 9

10 Accounts Payable Internal Controls Review Current Processes Implement Best Practices Continuous Monitoring of Vendors The Accounting Manager or Controller should review vendor list every month for changes to existing vendors and new vendors added. Centralize Accounts Payable Processing Create a Shared Services environment. Invoices should be received and processed in one location. Reduces errors and greatly improves timeliness of payments. 10

11 Accounts Payable Internal Controls Review Current Processes Implement Best Practices Create a Standardized Invoice Entry Policy Implement the no dashes/no slashes/leading zero rule Invoice # versus # Invoice # AEG1/5678 versus # AEG5678 Invoice # versus #

12 Accounts Payable Internal Controls Review Current Processes Implement Best Practices Create a standardized invoice entry policy All manual invoices must be date stamped when received. All invoices should be processed (entered, coded, routed for approval) within hours of receipt. All check requests must use the same invoice # format. 12

13 Accounts Payable Internal Controls Segregation of Duties Review Current Processes - Implement Best Practices Limit who can add or access the master vendor file. Look outside of AP maybe a Staff Accountant? Make sure that who does create vendors cannot enter invoices and cut checks. Require a second signature or approval for payments that exceed a certain dollar threshold. 13

14 Preventing B2B Fraud A Quick Overview In a survey conducted by the Association of Certified Fraud Examiners (ACFE), it was revealed that nearly 70% of corporate respondents reported having been victims of check fraud. What are the most common types of check fraud? 1. Alteration of the payee name 68% 2. Alteration of the amount 35% 14

15 Preventing B2B Fraud A Quick Overview 15

16 Preventing B2B Fraud A Quick Overview Check Handling Best Practices: Keep your check stock in a locked area accessible only by authorized individuals Timely reconciliation of accounts Signature verification on cancelled checks Use of proper security features on check stock owatermark omicroprinting onon-negotiable stub backer 16

17 Preventing B2B Fraud A Quick Overview Check Handling Best Practices: Proper destruction of cancelled checks Limit the number of check signers Never sign blank check stock Sound too obvious? How many of you have known this to happen? Implement Positive Pay Know who you are hiring and conduct random audits 17

18 Recovery Audit A Final Thought What is a Recovery Audit? A review of your accounts payable historical data which will seek to identify: Duplicate Payments Payments Made In Error Open/Unapplied Supplier Credits Unrecorded Rebates and Allowances Pricing Errors And More 18

19 Recovery Audit A Final Thought Why Should I Have a Recovery Audit? No systems or individuals operating with the procure to pay space are 100% error free. Audits are typically contingency fee based. The audit will identify and recapture lost profits due to errors. 19

20 Questions? 20

21 #REVCLT 21

Internal Control Checklist

Internal Control Checklist Instructions: The may be used to document a review of the existing procedures and activities that make up your internal control system, or serve as a guide in developing additional controls. The provides

More information

Internal Audit Report Accounts Payable September 2017

Internal Audit Report Accounts Payable September 2017 Internal Audit Report 17-03 September 2017 City of Sioux Falls Internal Audit Department Carnegie Town Hall 235 W. 10 th Street Sioux Falls, SD 57117-7402 www.siouxfalls.org/council/internal-audit September

More information

Payables Management. 2 nd Edition. Steven M. Bragg

Payables Management. 2 nd Edition. Steven M. Bragg Payables Management 2 nd Edition Steven M. Bragg Chapter 1 Overview of Payables... 1 Learning Objectives... 1 Introduction... 1 Transaction Cycles... 1 Organizational Structure of the Accounting Department...

More information

What Happens When Internal Controls Fail

What Happens When Internal Controls Fail What Happens When Internal Controls Fail 1 Your Presenters Brian Sanvidge Principal Baker Tilly Ellen Labita Partner Baker Tilly Danielle Callaci Manager Baker Tilly 2 Today s Agenda > What are Internal

More information

Results in Brief. Audit of WMATA s Vendor Master File (VMF) OIG January 18, 2019

Results in Brief. Audit of WMATA s Vendor Master File (VMF) OIG January 18, 2019 Results in Brief OIG 19-06 January 18, 2019 Why We Did This Review The VMF is a foundational element of the Accounts Payable and Procurement processes. The VMF contains vital information about vendors

More information

Results in Brief. Audit of WMATA s Vendor Master File (VMF) OIG January 18, 2019

Results in Brief. Audit of WMATA s Vendor Master File (VMF) OIG January 18, 2019 Results in Brief OIG 19-06 January 18, 2019 Why We Did This Review The VMF is a foundational element of the Accounts Payable and Procurement processes. The VMF contains vital information about vendors

More information

File. Audit. City Auditor

File. Audit. City Auditor Accounts Payab ble - Vendor Master File Audit Craig Hametner, CPA, CIA, CISA, CMA, CFE City Auditor Prepared By Marla Hamilton, Staff Auditor Reviewed By Jed Johnson, Sr. Auditor INTERNAL AUDIT DEPARTMENT

More information

CITY OF VAUGHAN EXTRACT FROM COUNCIL MEETING MINUTES OF FEBRUARY 19, 2013

CITY OF VAUGHAN EXTRACT FROM COUNCIL MEETING MINUTES OF FEBRUARY 19, 2013 CITY OF VAUGHAN EXTRACT FROM COUNCIL MEETING MINUTES OF FEBRUARY 19, 2013 Item 1, Report No. 3, of the Finance and Administration Committee, which was adopted without amendment by the Council of the City

More information

This Questionnaire/Guide is intended to assist you in decision making, as well as in day-to-day operations. Best Regards,

This Questionnaire/Guide is intended to assist you in decision making, as well as in day-to-day operations. Best Regards, In an effort to disseminate information and assure that we are in compliance with guidelines caused by the Sarbanes Oxley Act that proper internal controls are being adhered to, we have developed some

More information

EMPLOYEE FRAUD OPPORTUNITIES CHECKLIST

EMPLOYEE FRAUD OPPORTUNITIES CHECKLIST Page 128 of 174 EMPLOYEE FRAUD OPPORTUNITIES CHECKLIST Recognizing Warning Signs and Preventing Problem Situations Why are consistent internal controls important? Management decisions, financial reports,

More information

16 Ways. AP Automation. Can Improve Your Workday in 16

16 Ways. AP Automation. Can Improve Your Workday in 16 16 Ways AP Automation Can Improve Your Workday in 16 The Power of the Network The Future of Accounts Payable Through AvidXchange s Network, vendors can submit invoices in a variety of convenient ways.

More information

GUIDE FOR END-OF-YEAR AP BEST PRACTICES

GUIDE FOR END-OF-YEAR AP BEST PRACTICES GUIDE FOR END-OF-YEAR AP BEST PRACTICES TABLE OF CONTENTS 04 Year-End Checklist for Accounts Payable 05 Sample Year-End Calendar 07 Master Vendor File Cleanup & Maintenance 11 1099 Misc. Reporting & Corrections

More information

Financial Controls Checklist

Financial Controls Checklist Financial Controls Checklist Board of Health: Board of Health for the Leeds, Grenville & Lanark District Health Unit Period ended: Dec. 31/17 Objective: The objective of the Financial Controls Checklist

More information

Fundamentals of Accounts Payable

Fundamentals of Accounts Payable Fundamentals of Accounts Payable Mary S. Schaeffer Chapter 1 The Foundation of the Accounts Payable Function... 1 Learning Objectives... 1 Introduction... 1 Why Accounts Payable Matters... 1 The Three

More information

AGENDA CALL TO ORDER: DECLARATION OF QUORUM: Clerk of the Board

AGENDA CALL TO ORDER: DECLARATION OF QUORUM: Clerk of the Board Orange County Sanitation District Special Meeting of the AUDIT AD HOC COMMITTEE Friday, September 22, 2017 8:00 A.M. Administration Building Conference Room A 10844 Ellis Avenue Fountain Valley, CA 92708

More information

Collin County Community College District Business Administrative Services Procedures Manual Section 9 Accounts Payable

Collin County Community College District Business Administrative Services Procedures Manual Section 9 Accounts Payable Revision Log: Collin County Community College District Business Administrative Services Procedures Manual Section 9 Accounts Payable Sub Section Revision Date Summary of Change 9.1 Introduction Accounts

More information

EGYPTIAN AREA AGENCY ON AGING Fiscal Monitoring Program

EGYPTIAN AREA AGENCY ON AGING Fiscal Monitoring Program EGYPTIAN AREA AGENCY ON AGING Fiscal Monitoring Program Fiscal Year: Name of Project/Site: (TIN #) Address: (city) (state) (zip code) Project Director/Site Manager: Geographic Area Served: (county) Project/Site

More information

AP Automation: Struggles, Strategies and Solutions

AP Automation: Struggles, Strategies and Solutions AP Automation: Struggles, Strategies and Solutions Gateway OAUG Presented by: Howard McKinney, AP Express Product Manager May 12, 2017 2017 Nivo1 LLC. All rights reserved. AFFORDABLE, WORKFLOW-DRIVEN AP

More information

Fraud Risk Management

Fraud Risk Management Fraud Risk Management Specific Anti-Fraud Controls (Process or Transaction Level) 2017 Association of Certified Fraud Examiners, Inc. Discussion Questions 1. Does your organization have adequate staffing

More information

INTERNAL CONTROLS REVIEW PROGRESS REPORT Highlighted items have been completed since last report in January 2016

INTERNAL CONTROLS REVIEW PROGRESS REPORT Highlighted items have been completed since last report in January 2016 INTERNAL S REVIEW PROGRESS REPORT Highlighted items have been completed since last report in January 2016 RECOMMENDATIONS ADDRESSED THROUGH INTERNAL AUDIT WORK PLANS Internal Audit: prepare documentation

More information

American Contract Bridge League Accounts Payable & Check Signing Policies & Procedures April 2013

American Contract Bridge League Accounts Payable & Check Signing Policies & Procedures April 2013 American Contract Bridge League Accounts Payable & Check Signing Policies & Procedures April 2013 ACBL strives to maintain efficient business practices and good cost control. The accounts payable function

More information

Contract and Procurement Fraud

Contract and Procurement Fraud Contract and Procurement Fraud Performance Schemes 2018 Association of Certified Fraud Examiners, Inc. Invoicing Schemes Vendor submits fraudulent invoices to generate false payments. False invoices Inflated

More information

Advanced Finance for Governing Board Members. Charter Schools: Advancing the Promise!! 2015 Annual Conference

Advanced Finance for Governing Board Members. Charter Schools: Advancing the Promise!! 2015 Annual Conference Advanced Finance for Governing Board Members Charter Schools: Advancing the Promise!! 2015 Annual Conference Governing Body Responsibilities with regard to finance Fiduciary responsibilities outlined in

More information

Ten Payment Fraud Protections

Ten Payment Fraud Protections Ten Payment Fraud Protections 1. Payee Positive Pay a. Provided by banks b. Banks match check serial numbers and dollar amounts against a company provided list of checks issued and only pays those checks

More information

2018 State Of Accounts Payable Report

2018 State Of Accounts Payable Report 2018 State Of Accounts Payable Report INTRODUCTION EXECUTIVE SUMMARY The sentiments surrounding technologies within finance are evolving into a more mature state. Adoption of solutions that have both operational

More information

SOX106. Accounts Payable and Sarbanes-Oxley; Strengthening your Internal Controls- 10 hours. Objectives

SOX106. Accounts Payable and Sarbanes-Oxley; Strengthening your Internal Controls- 10 hours. Objectives SOX106 Accounts Payable and Sarbanes-Oxley; Strengthening your Internal Controls- 10 hours Objectives This course describes how Sarbanes Oxley requirements should be implemented as they pertain to accounts

More information

Fraud Awareness and Prevention

Fraud Awareness and Prevention Awareness and Prevention Craig Bodette Awareness and Prevention Craig Bodette Senior Accountant & Member of Construction Team Weber O Brien This session is eligible for 1.5 Continuing Education Hours.

More information

The Episcopal Diocese of Kentucky

The Episcopal Diocese of Kentucky The Episcopal Diocese of Kentucky Internal Control Questionnaire Manual of Business Methods in Church Affairs (Spring 2012) Chapter II: Internal Controls, Section C The following Internal Control Questionnaire

More information

Creating Non-PO Based Invoices Table of Contents

Creating Non-PO Based Invoices Table of Contents Creating Non-PO Based Invoices Table of Contents When should a non-po based invoice NOT be created?... 2 How are Non PO Invoices Received in Accounts Payable... 2 How to create a non-po based invoice...

More information

INTERNAL CONTROLS REVIEW PROGRESS REPORT Yellow highlighted items have been completed/validated since last report in August 2016

INTERNAL CONTROLS REVIEW PROGRESS REPORT Yellow highlighted items have been completed/validated since last report in August 2016 INTERNAL S REVIEW PROGRESS REPORT Yellow highlighted items have been completed/validated since last report in August 2016 RECOMMENDATIONS ADDRESSED THROUGH INTERNAL AUDIT WORK PLANS Monthly Reconciliation

More information

SAN FRANCISCO COURT APPOINTED SPECIAL ADVOCATE PROGRAM

SAN FRANCISCO COURT APPOINTED SPECIAL ADVOCATE PROGRAM SAN FRANCISCO COURT APPOINTED SPECIAL ADVOCATE PROGRAM FINANCIAL PROCEDURES MANUAL Table of Contents GENERAL ACCOUNTING POLICY AND PROCEDURES... 3 OVERALL ACCOUNTING SYSTEM DESIGN... 3 CONTROL OBJECTIVE...

More information

INTERNAL CONTROLS REVIEW PROGRESS REPORT Yellow highlighted items have been updated since last report in October 2017

INTERNAL CONTROLS REVIEW PROGRESS REPORT Yellow highlighted items have been updated since last report in October 2017 INTERNAL S REVIEW PROGRESS REPORT Yellow highlighted items have been updated since last report in October 2017 RECOMMENDATIONS ADDRESSED THROUGH INTERNAL AUDIT WORK PLANS Internal Audit: prepare documentation

More information

Contents (Click topic question to link to information)

Contents (Click topic question to link to information) Contents (Click topic question to link to information) Purchasing Requisition/PO What fields are required for Requisition entry? Can I provide the requisition number to the vendor? Can I approve a requisition

More information

IMPORTANCE OF FINANCIAL PROCESSES INCLUDING CHART OF ACCOUNTS AND PRICING THE PRODUCT. By CA Ketoki Basu

IMPORTANCE OF FINANCIAL PROCESSES INCLUDING CHART OF ACCOUNTS AND PRICING THE PRODUCT. By CA Ketoki Basu IMPORTANCE OF FINANCIAL PROCESSES INCLUDING CHART OF ACCOUNTS AND PRICING THE PRODUCT By CA Ketoki Basu Financial Process-Methods Visuals/Detailed flow charts Accounts Manual Purchase/Procurement Manual

More information

How to Prevent Financial Fraud at Your Church VONNA LAUE

How to Prevent Financial Fraud at Your Church VONNA LAUE How to Prevent Financial Fraud at Your Church VONNA LAUE Agenda Why churches fall victim to fraud Financial control best practices Recognize and respond to financial fraud Why Churches Fall Victim to Fraud

More information

INTERNAL CONTROLS REVIEW PROGRESS REPORT Yellow highlighted items have been updated since last report in October 2016

INTERNAL CONTROLS REVIEW PROGRESS REPORT Yellow highlighted items have been updated since last report in October 2016 INTERNAL S REVIEW PROGRESS REPORT Yellow highlighted items have been updated since last report in October 2016 RECOMMENDATIONS ADDRESSED THROUGH INTERNAL AUDIT WORK PLANS Internal Audit: prepare documentation

More information

APP2P SPRING CONFERENCE & EXPO

APP2P SPRING CONFERENCE & EXPO APP2P SPRING CONFERENCE & EXPO Accounts Payable Done Right: Supplier Engagement & Payments Optimization Ernie Humphrey, CTP CEO & COO LEARNING OBJECTIVES Identify and remove inherent barriers to accounts

More information

Diocese of Covington Policies & Procedures Manual Section: Compliance Accounting Policy: Internal Control & Segregation of Duties

Diocese of Covington Policies & Procedures Manual Section: Compliance Accounting Policy: Internal Control & Segregation of Duties Internal Control refers to the policies and procedures established to provide reasonable assurance that parish assets are safeguarded, that accountability is achieved, and that errors in financial records

More information

Creating a Fraud Risk Assessment and Implementing a Continuous Monitoring Program. Christopher DiLorenzo, CFE, CPA, CIA, CRMA

Creating a Fraud Risk Assessment and Implementing a Continuous Monitoring Program. Christopher DiLorenzo, CFE, CPA, CIA, CRMA Creating a Fraud Risk Assessment and Implementing a Continuous Monitoring Program Christopher DiLorenzo, CFE, CPA, CIA, CRMA 2015 Association of Certified Fraud Examiners, Inc. Creating a Robust Fraud

More information

Treasury Division Check Pick-Up Audit. June 17, Report #671

Treasury Division Check Pick-Up Audit. June 17, Report #671 Treasury Division Check Pick-Up Audit June 17, 2009 Report #671 Released on: September 22, 2009 EXECUTIVE SUMMARY AUDIT REPORT #671 INTRODUCTION...- 1 - STATEMENT OF OBJECTIVE...- 1 - STATEMENT OF SCOPE

More information

FRAUD SCHEMES. South Carolina HFMA Finance & Reimbursement Forum. November 13, 2012 WITH RELATED INTERNAL CONTROLS

FRAUD SCHEMES. South Carolina HFMA Finance & Reimbursement Forum. November 13, 2012 WITH RELATED INTERNAL CONTROLS FRAUD SCHEMES WITH RELATED INTERNAL CONTROLS South Carolina HFMA Finance & Reimbursement Forum November 13, 2012 2 Fraud Facts: Estimated loss of 5% of annual revenues to occupational fraud Financial statement

More information

Fraud in the Insurance Industry How it Can Impact Your Agency

Fraud in the Insurance Industry How it Can Impact Your Agency A MarshBerry Publication Volume XXIX, Issue 4 APRIL 2013 Authored by Molly McCarthy, Senior Consultant 440.392.6584 email: Molly.McCarthy@MarshBerry.com Fraud in the Insurance Industry How it Can Impact

More information

Simplifying The Accounts Payable Process

Simplifying The Accounts Payable Process Simplifying The Accounts Payable Process For businesses looking to reduce costs and improve efficiency, automating labor-intensive and errorprone processes such as accounts payable (AP) should be an easy

More information

The Case for Outsourcing Accounts Payable

The Case for Outsourcing Accounts Payable Presented by Lynn Belletti BNY Mellon Transaction Processing Director The & Procure-To-Pay Conference & Expo is produced by: The world is changing. How will you respond to the new pressures of regulatory

More information

OUTSMART FRAUD. Strategic Internal Controls to Prevent Business Fraud

OUTSMART FRAUD. Strategic Internal Controls to Prevent Business Fraud OUTSMART FRAUD Strategic Internal Controls to Prevent Business Fraud GrowthForce LLC 800 Rockmead Drive Suite 200 Phone 281.358.2007 Fax 281.358.4120 OUTSMART BUSINESS FRAUD Using statistical data from

More information

Seattle Public Schools The Office of Internal Audit

Seattle Public Schools The Office of Internal Audit Seattle Public Schools The Office of Internal Audit Internal Audit Report September 1, 2014 through Current Issue Date: June 21, 2016 Executive Summary Background Information The function is centralized

More information

APPENDIX 2 COMMUNITY DEVELOPMENT COMMISSION FINANCIAL CHECKLIST REQUIRED FOR ALL APPLICANTS (A SITE VISIT MAY BE CONDUCTED LATER)

APPENDIX 2 COMMUNITY DEVELOPMENT COMMISSION FINANCIAL CHECKLIST REQUIRED FOR ALL APPLICANTS (A SITE VISIT MAY BE CONDUCTED LATER) REQUIRED FOR ALL APPLICANTS (A SITE VISIT MAY BE CONDUCTED LATER) AGENCY NAME: AGENCY ADDRESS AGENCY PHONE: DATE PREPARED: PREPARED BY: TITLE: EMAIL: AGENCY GENERAL INFORMATION EXECUTIVE DIRECTOR /CITY

More information

CORP Appendix A CORPORATE POLICY. Attachments: Related Documents/Legislation: Revenue Administrative Policy

CORP Appendix A CORPORATE POLICY. Attachments: Related Documents/Legislation: Revenue Administrative Policy CORP2014-085 Appendix A CORPORATE POLICY Policy Title: Cash Handling Policy Policy Category: Financial Control Policy Policy No.: FC-016 Department: Corporate Services Approval Date: Revision Date: Author:

More information

UNFPA. This policy applies to all UNFPA personnel, particularly those involved in the purchasing and payment of goods and services.

UNFPA. This policy applies to all UNFPA personnel, particularly those involved in the purchasing and payment of goods and services. Policy Title Previous title (if any) Policy objective Target audience Risk Matrix Policy and Procedures for Accounts Payable n/a The Policy and Procedures for Accounts Payable policy establishes the procedures

More information

Pre-GIA Audit Finance Audit Findings. 17 May 2011 Henry Wong

Pre-GIA Audit Finance Audit Findings. 17 May 2011 Henry Wong Pre-GIA Audit Finance Audit Findings 17 May 2011 Henry Wong Introduction GIA auditors will come in the week of 13 Jun 2011 and focus on Procurement Problems of non-compliance will report to Global Audit

More information

Audit of. Accounts Payable Procedures

Audit of. Accounts Payable Procedures Audit of Accounts Payable Procedures November 20, 2015 Report #2015-16 MISSION STATEMENT The School Board of Palm Beach County is committed to providing a world class education with excellence and equity

More information

AVIDXCHANGE TM USERS CONFERENCE

AVIDXCHANGE TM USERS CONFERENCE AVIDXCHANGE TM USERS CONFERENCE Meet Your Speakers Eric Choltus Director, Product Management, AvidPay AvidXchange Katie Milligan Senior Operations Manager, AvidPay Services AvidXchange 2 AVIDXCHANGE USERS

More information

Internal Controls. for County Recorders

Internal Controls. for County Recorders Internal Controls for County Recorders Definition of Internal Controls State Board of Accounts (SBOA) defines internal control as follows: Internal control is a process executed by officials and employees

More information

Finance Committee, Board of Health Elizabeth Bowden, Interim Director of Administrative Services FINANCIAL CONTROLS CHECKLIST

Finance Committee, Board of Health Elizabeth Bowden, Interim Director of Administrative Services FINANCIAL CONTROLS CHECKLIST March 20, 2016 Report To: Submitted by: Subject: Finance Committee, Board of Health Elizabeth Bowden, Interim Director of Administrative Services FINANCIAL CONTROLS CHECKLIST RECOMMENDATION(S): (a) That

More information

INTERNAL CONTROLS REVIEW PROGRESS REPORT

INTERNAL CONTROLS REVIEW PROGRESS REPORT INTERNAL S REVIEW PROGRESS REPORT RECOMMENDATIONS ADDRESSED THROUGH INTERNAL AUDIT WORK PLANS Monthly Reconciliation 1 High High Accounts Receivable Training 2, 8, 9 High Moderate 1 12, 13 High High 3

More information

AVIDXCHANGETM USERS CONFERENCE

AVIDXCHANGETM USERS CONFERENCE AVIDXCHANGETM USERS CONFERENCE Meet Your Speakers Anna Alley Manager of Professional Services AvidXchange, Inc. Stephanie Wilczewski Project Manager, Implementations AvidXchange, Inc. Alicia Barrington

More information

IT Service Delivery And Support

IT Service Delivery And Support IT Service Delivery And Support Week Ten Auditing Application Control IT Auditing and Cyber Security Fall 2016 Instructor: Liang Yao 1 Transactional Applications vs. Support Application Application Controls

More information

Sheena Tran, CPA May 19, 2014

Sheena Tran, CPA May 19, 2014 Internal Controls Review 2012/13 Sheena Tran, CPA May 19, 2014 TO: ACCCA BOARD OF DIRECTORS This is considered to be a financial review and recommendations for the Association of California Community College

More information

Whether you take in a lot of money. or you collect pennies

Whether you take in a lot of money. or you collect pennies Whether you take in a lot of money or you collect pennies ..it is important to maintain good cash handling procedures: Segregation of Duties Security Reconciliation Management Review Documentation It s

More information

Enhancements in Spectrum Last Updated: April 5, 2018

Enhancements in Spectrum Last Updated: April 5, 2018 Enhancements in Spectrum 14.24 Last Updated: April 5, 2018 Status: Thunderbirds are GO! AP BI BI BI BI CM JC JC JC MM PO PO PO PR PR PR PS ST ST ST Use Tax Report Supports Work Orders Deep Linking New

More information

Best Practices Error Prevention in Accounts Payable

Best Practices Error Prevention in Accounts Payable Best Practices Error Prevention in Accounts Payable Karl Andersson CEO and Founder direct: 508.281.4697 main: 508.480.8990 (x115) mobile: 617.233.3525 email: kandersson@technology-insight.com Webcast Logistics

More information

Florida A & M University Accounts Payable Procedures. Florida A & M University

Florida A & M University Accounts Payable Procedures. Florida A & M University Florida A & M University AP PROCEDURES 6/2017 AP PROCEDURES 6/2017 TABLE OF CONTENTS 1.0 OVERVIEW... 1 2.0 DEFINITIONS... 1 3.0 RESPONSIBILITIES... 2 4.0 GENERAL PROCEDURES... 3 4.1 DEPARTMENTAL FISCAL

More information

Eric Kinsherf, CPA MMAAA Conference June 12, 2018

Eric Kinsherf, CPA MMAAA Conference June 12, 2018 Eric Kinsherf, CPA MMAAA Conference June 12, 2018 Agenda Overview What is Fraud? How does Fraud happen? How to Detect and Prevent Fraud Summarize Objectives Gain better Understanding of Fraud Risk Illustrate

More information

Fraud Prevention, Detection, and Internal Controls

Fraud Prevention, Detection, and Internal Controls Fraud Prevention, Detection, and Internal Controls Budget, Accounting and Reporting Council May 28, 2015 Sherrie Ard, CPA, CFE Financial Management Specialist Local Government Performance Center Local

More information

AGENDA USING CONTINUOUS CONTROLS MONITORING TO MAXIMIZE P2P CONTROLS & RISK PREVENTION. Welcome! 60-second FISCAL Overview. Change in Purchase-to-Pay

AGENDA USING CONTINUOUS CONTROLS MONITORING TO MAXIMIZE P2P CONTROLS & RISK PREVENTION. Welcome! 60-second FISCAL Overview. Change in Purchase-to-Pay USING CONTINUOUS CONTROLS MONITORING TO MAXIMIZE P2P CONTROLS & RISK PREVENTION Welcome! Mike LaDuke AGENDA 60-second FISCAL Overview Change in Purchase-to-Pay Escalation of Fraud Incidences What is Continuous

More information

To the Honorable City Council City of Pasadena Pasadena, California

To the Honorable City Council City of Pasadena Pasadena, California To the Honorable City Council City of Pasadena Pasadena, California In planning and performing our audit of the financial statements of the governmental activities, the business-type activities, the aggregate

More information

Credit Cards & Purchasing Cards (P-Card) (USFR Memorandum No. 253)

Credit Cards & Purchasing Cards (P-Card) (USFR Memorandum No. 253) Credit Cards & Purchasing Cards (P-Card) (USFR Memorandum No. 253) Paula Gustafson Michael Stelpstra February 1, 2012 Credit Cards & P-Cards What Memo No. 253 covers: Policies & Procedures Card Issuance

More information

Accounts Payable on Campus: An Update

Accounts Payable on Campus: An Update Accounts Payable on Campus: An Update 1 Mark Krawczyk, CTP Principal, CZYK & Associates 31ST NATIONAL COLLEGE & UNIVERSITY BURSARS SFS CONFERENCE APRIL 23-26, 2017 PONTE VEDRA BEACH, FL SAWGRASS MARRIOTT

More information

9/12/2013. CAPITALIZE ON YOUR PURCHASING CARD PROGRAM September 20, Agenda. With a card payment you can:

9/12/2013. CAPITALIZE ON YOUR PURCHASING CARD PROGRAM September 20, Agenda. With a card payment you can: CAPITALIZE ON YOUR PURCHASING CARD PROGRAM September 20, 2013 Agenda Why Use a Commercial Card? Review the benefits of a card solution Travel Cards Automate expense reporting and gain visibility into spend

More information

INTERNAL CONTROLS MANUAL DICKSON COUNTY SCHOOLS DANNY L. WEEKS, ED.D. DIRECTOR OF SCHOOLS LINDA FRAZIER BUSINESS MANAGER JUNE 2016

INTERNAL CONTROLS MANUAL DICKSON COUNTY SCHOOLS DANNY L. WEEKS, ED.D. DIRECTOR OF SCHOOLS LINDA FRAZIER BUSINESS MANAGER JUNE 2016 1 INTERNAL CONTROLS MANUAL DICKSON COUNTY SCHOOLS DANNY L. WEEKS, ED.D. DIRECTOR OF SCHOOLS LINDA FRAZIER BUSINESS MANAGER JUNE 2016 2 Table of Contents Introduction...3 Internal Controls Questionnaire...4

More information

SMALL BUSINESS FRAUD ASSESSMENT INTERNAL CONTROL QUESTIONNAIRE Download your risk assessment form at

SMALL BUSINESS FRAUD ASSESSMENT INTERNAL CONTROL QUESTIONNAIRE Download your risk assessment form at SMALL BUSINESS FRAUD ASSESSMENT INTERNAL CONTROL QUESTIONNAIRE Download your risk assessment form at www.businessfraudprevention.org/forms.html Owner: Date: Discussed with: Question Yes No N/A Comments

More information

Internal Control Evaluation

Internal Control Evaluation INTERNAL CONTROL EVALUATION Adapted from a checklist created by Jackie F. Breland, CPA (www.jackiebreland.com) Organization: Date Prepared or Updated: Prepared by: Introduction The purpose of this checklist

More information

Petty Cash and Change Funds. Inventories (Equipment and Supplies)

Petty Cash and Change Funds. Inventories (Equipment and Supplies) UCLA Policy 360 Page 1 of 8 ATTACHMENT A Guidelines for Application of Internal Control Principles The following are control activities, as described in section III.B.3. of Policy 360, for applying the

More information

est library 1 of 13 9/2/2013 6:53 AM Home Blog About» Who uses?» Resources» Contact Us Test library A selection of s from our Members' library The library contains details on a variety of s that can be

More information

Managing Risk in Your P2P Process: 10 Ways that Automation Can Help Mitigate Risk

Managing Risk in Your P2P Process: 10 Ways that Automation Can Help Mitigate Risk Managing Risk in Your P2P Process: 10 Ways that Automation Can Help Mitigate Risk Chris Doxey, CAPP, CCSA, CICA, CPC President, Doxey, Inc. chris@chrisdoxey.com 571-267-9107 Agenda Introduction to Risk

More information

Electronic accounts payable: increasing compliance, control and security

Electronic accounts payable: increasing compliance, control and security Electronic accounts payable: increasing compliance, control and security As the federal government approaches the digital transformation, Mastercard stands ready to discuss with agencies and organizations

More information

Procurement May 2018

Procurement May 2018 Procurement May 2018 May 16, 2018 Office of the Auditor General Halifax Regional Municipality The following audit of Procurement, completed under section 50(2) of the Halifax Regional Municipality Charter,

More information

Accounts Payable-Vendor Partnership

Accounts Payable-Vendor Partnership Accounts Payable-Vendor Partnership Can we work together to pay you more quickly? The City of Miami values its relationship with you, our supplier. Our Purchasing Department and Accounts Payable have designed

More information

INTERNAL CONTROL HANDBOOK

INTERNAL CONTROL HANDBOOK INTERNAL CONTROL HANDBOOK INTERNAL CONTROL HANDBOOK ILLINOIS STATE BOARD OF EDUCATION SCHOOL BUSINESS SERVICES DIVISION Revised July, 2017 Most Content remains the same as published in 1993 Prepared by

More information

FRAUD DETERRENCE AND DETECTION

FRAUD DETERRENCE AND DETECTION FRAUD DETERRENCE AND DETECTION Segregation of Duties Corruption Scheme Red Flags Unchecked authority to approve No formal documented procedures Circumventing normal policies and procedures Employees receiving

More information

Item # 6.1 ISC: UNRESTRICTED AC Attachment. Corporate Credit Card (Data Analytics) Audit

Item # 6.1 ISC: UNRESTRICTED AC Attachment. Corporate Credit Card (Data Analytics) Audit Corporate Credit Card (Data Analytics) Audit January 16, 2018 THIS PAGE LEFT INTENTIONALLY BLANK Table of Contents Executive Summary... 5 1.0 Background... 6 2.0 Audit Objectives, Scope and Approach...

More information

You can easily view comparative data and drill through for transaction details.

You can easily view comparative data and drill through for transaction details. analyzing financial and operational information (such as number of sales reps, occupancy rates or cycle time), giving you a very powerful business management tool that leverages your financial data. You

More information

Review and Implementation. Of Practice Internal Controls

Review and Implementation. Of Practice Internal Controls Review and Implementation Of Practice Internal Controls Is there a fraudster in your practice? An embezzler or other workplace fraud perpetrator will often display certain telltale red flags. One of the

More information

Kua O Ka La s Financial/Accounting Policies & Procedures

Kua O Ka La s Financial/Accounting Policies & Procedures Kua O Ka La New Century Public Charter School 14-5322 Kaimu-Kapoho Rd. Pahoa, HI 96778 Campus Site Telephone: (808) 965-2193 Fax: (808) 965-9618 E-mail: pualaa@ilhawaii.net Kua O Ka La s Financial/Accounting

More information

Adopted by Naytahwaush Community Charter School Board: November 13, 2012

Adopted by Naytahwaush Community Charter School Board: November 13, 2012 INTERNAL CONTROLS (MSBA/MASA Model Policy 703) Adopted by Naytahwaush Community Charter School Board: November 13, 2012 This policy is designed to be used in conjunction with current procedures, and to

More information

Accounting Made SIMPLE. Denver 2009

Accounting Made SIMPLE. Denver 2009 Accounting Made SIMPLE Denver 2009 Introductions CAN versus SHOULD System Modules Accounts Receivable - Close happens on the last day of the month. Only one AR period can be open at a time. Accounts Payable

More information

3 rd Annual Professional Development Conference Development District Association of Appalachia John G. Hulsey, CGFM

3 rd Annual Professional Development Conference Development District Association of Appalachia John G. Hulsey, CGFM 3 rd Annual Professional Development Conference Development District Association of Appalachia John G. Hulsey, CGFM Examine the true nature of accounts payable Determine how the accounts payable process

More information

DATATRON Features Order Entry (Invoicing)

DATATRON Features Order Entry (Invoicing) DATATRON Features Order Entry (Invoicing) Check the item(s) if you re not 100% sure of what it does, what it s for, or how to use it. [ ] 1 Are you using Expanded searches to get all possible matches of

More information

Revenew s Cost Recovery and Cost Containment services return dollars to your budgets. We recover over $100 million for our clients annually.

Revenew s Cost Recovery and Cost Containment services return dollars to your budgets. We recover over $100 million for our clients annually. Revenew s Cost Recovery and Cost Containment services return dollars to your budgets. We recover over $100 million for our clients annually. COST RECOVERY Contract Compliance Reviews Supplier Payment Reviews

More information

Division of Student Affairs Internal Control Questionnaire FY 2011

Division of Student Affairs Internal Control Questionnaire FY 2011 Control Environment Yes No N/A Notations Are the roles and responsibilities of financial and administrative staff (including the establishment of the unit Director as the appropriate signature authority)

More information

Accenture Profit Recovery and Analytics

Accenture Profit Recovery and Analytics Business Process Outsourcing Accenture Profit Recovery and Analytics Delivering High Performance through Profit Recovery Accenture: Delivering high performance through profit recovery Are you leaving money

More information

Billing distribution on Jobs will now default from the Excel Estimate upload

Billing distribution on Jobs will now default from the Excel Estimate upload New Screens and Productivity Enhancements Here is what is new and exciting: AP Invoice Screen Added Occupation and Equipment columns New Journals Screen Added Occupation and Equipment columns Approval

More information

Contract and Procurement Fraud

Contract and Procurement Fraud Contract and Procurement Fraud Fraud in Procurement Without Competition 2018 Association of Certified Fraud Examiners, Inc. Sole-Source Awards The procurement process is noncompetitive through the solicitation

More information

ACC103. Accounting Best Practices - 20 hours. Objectives

ACC103. Accounting Best Practices - 20 hours. Objectives ACC103 Accounting Best Practices - 20 hours Objectives This course Accounting Best Practices, Sixth Edition will teach you how to adopt best practices within your accounting department. This will allow

More information

Week 3: Fraud, Procure to Pay Process Controls

Week 3: Fraud, Procure to Pay Process Controls Edward Beaver Edward.Beaver@temple.edu ff MIS 5121: Business Processes, ERP Systems & Controls Week 3: Fraud, Procure to Pay Process Controls Video: Record the Class Discussion v Something really new,

More information

November In this Issue

November In this Issue Page 1 of 5 View this newsletter and archived copies online at www.businesswc.com November 2010 - In this Issue TRAVERSE & OSAS News Year End Assistance Accounts Payable Tips Emailing Invoices & Purchase

More information

IIA Springfield IL Chapter

IIA Springfield IL Chapter Adding Value with Data Analytics IIA Springfield IL Chapter October 14, 2010 0 Jan Beckmann, CPA, ACL Certified Trainer, ACDA jbeckmann@bswllc.com 314.983.1254 1050 N. Lindbergh Blvd. St. Louis, Missouri

More information

Fraud Detection and Prevention

Fraud Detection and Prevention Fraud Detection and Prevention Presented by: Louise Hanson, Moss Adams LLP Emily Ogden, Moss Adams LLP April 24, 2014 1 DISCLOSURE STATEMENT The material appearing in this presentation is for informational

More information

Control of Revenue by University Departments

Control of Revenue by University Departments Control of Revenue by University Departments Effective Date: September 4, 1973 Cancels: February 5, 2002 Dated: May 26, 2003 Table of Contents SUBJECT 1 INTENT 1 SCOPE 1 PROCEDURE 2 1. Cash Handling &

More information

ACC103. Accounting Best Practices - 20 hours. Objectives

ACC103. Accounting Best Practices - 20 hours. Objectives ACC103 Accounting Best Practices - 20 hours Objectives This course Accounting Best Practices will teach you how to adopt best practices within your accounting department. This will allow you to enjoy a

More information