Internal Controls in Accounts Payable
Speaker: Richard Cascarino MBA, CIA, CRMA, CFE, CISM
Speaker Designation: CEO, Richard Cascarino & Associates
Speaker: Richard Cascarino MBA, CIA, CRMA, CFE, CISM
Speaker Designation: CEO, Richard Cascarino & Associates
Internal accounts payable (AP) controls are essential for managing a company’s financial health, preventing fraud, and ensuring accurate financial reporting.
Apart from highlighting failures to follow the rules in a procurement process, a procurement compliance audit flashes out deficiencies in procurement systems and procedures. Irregularities such as fraud and corruption are exposed in the manner goods and services are sourced.
Inconsistent purchasing processes throughout the organization can lead to a reactive approach to contract management and can limit the organization’s ability to fully monitor the procurement process.
Understanding management and audit’s role in:
Internal accounts payable (AP) controls are crucial for safeguarding a company’s financial health, preventing fraud, and ensuring accurate financial reporting. AP is particularly susceptible to financial risks, such as unauthorized payments, duplicate payments, and fraudulent invoices. Implementing effective internal controls helps mitigate these risks by ensuring that transactions are properly authorized, accurately recorded, and thoroughly reviewed.
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Richard Cascarino has, for the last thirty-three years, been providing Internal Audit, Fraud Audit, IS Audit Consultancy, Risk Management, and Corporate Governance consultancy as well as Professional Development services to clients throughout the United States of America, the African region, Europe and the Middle East. These include Central Banks and Financial Institutions, some of the largest corporations, government departments, auditors general, and professional bodies in their respective countries.
Richard is a Past President of the Institute of Internal Auditors in South Africa, was the founding Regional Director of the Southern African Region of the IIA-Inc, and is a member of ISACA, and the Association of Certified Fraud Examiners, where he was a member of the Board of Regents for Higher Education.
He is also a visiting Lecturer at the University of the Witwatersrand, and the lead author of the book Internal Auditing - an Integrated Approach, published by Juta Publishing. In addition, he is the author of The Auditor's Guide to IT Auditing and Corporate Fraud and Internal Control: A Framework for Prevention" published by Wiley Publishing. He is also a contributor to QFINANCE – The Ultimate Resource published by Bloomsbury.
