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AuditNet® Book Review Corner
Accounts Payable Best Practices
by Mary S. Schaeffer
Accounts payable is usually the largest outlay of cash in the organization. It is also one of the largest areas vulnerable to fraud or asset misappropriation. According to the 2004 Report to the Nation on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners, approximately three-fourths of cash frauds in their study involved some form of fraudulent disbursements. For this reason it is the focus of intense scrutiny by auditors. In fact, I have yet to meet an auditor that at some point in their career has not audited some aspect of accounts payable. The author walks you through a explanation of each type of accounts payable process such as invoicing, checks, p-cards, travel and entertainment to name a few and then discusses best practices for each area. Recognizing that not all practices will work at all companies Ms. Schaeffer also identifies "almost best practices" or successful alternatives as well as practices that should not be used. Case studies accompany each area to provide real life applications of best practices. Sarbanes-Oxley has made financial executives focus on internal audit and controls and this book provides comprehensive coverage on the topic. Accounts Payable Best Practices represents an excellent tool for auditors to use as they examine the accounts payable procurement and payment cycle. This book is a best bet for addition to your professional audit library because at some point in your career you will audit the accounts payable area.