Best Practices for Elevating Your Accounts Payable ...

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Best Practices for Elevating Your Accounts Payable Internal Controls and Compliance Program Sponsored byAn AP & P2P white paper2TABLE OF CONTENTSIntroduction ........................................ ........................................ .............3What are the Roles of the CFO and Controller? ...............................4Who is Responsible for Financial Compliance and Internal Controls? ........................................ ...........................4The Three Critical Corporate Controls to Achieve Best-in-Class AP Compliance ........................................ .................4The Supplier Onboarding Process ........................................ ...........6Detecting and Preventing Accounts Payable Fraud.

Best Practice (2 of 7): One of the most common “root causes” of fraud is the lack of SoD controls, weak SoD controls, inappropriate compensating controls, or failure to update SoD controls when responsibilities change. As a best practice, many

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