Invoice Processing
WHY?
Invoice processing involves verifying and recording vendor invoices for goods and services received. This process is critical as it ensures the accuracy and timeliness of payments, affecting the organization's cash flow and financial integrity. Implementing internal controls in the invoice processing process is essential to prevent unauthorized or duplicate payments, ensure accurate financial records, and maintain compliance with payment terms. Effective internal controls enhance accountability, reduce the risk of fraud and errors, and ensure the reliability of financial reporting.
HOW?
‣
1. Segregation of Duties
‣
2. Procedural Controls
‣
3. Authorization Controls
‣
4. Documentation and Records
‣
5. Review and Monitoring
Q&A
‣
‣
‣
‣
‣
‣