Compliance, under control

Compliance in accounts payable refers to adhering to legal, regulatory, and company-specific policies when processing payments. It involves following proper procedures, maintaining accurate records, and ensuring all payments are authorized and legitimate to prevent fraud and financial misstatements.

Accounts payable audits are systematic examinations of a company’s AP processes, transactions, and records. These audits verify the accuracy of financial statements, ensure compliance with regulations, and identify potential areas of fraud or inefficiency in the payment process.

An AP audit is a detailed review of an organization’s accounts payable function. It involves examining invoices, payment records, and internal controls to ensure accuracy, prevent fraud, and verify compliance with accounting standards and company policies.