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account payable and disbursement audit

Verify the audit scope and objectives

Gather relevant policies and procedures

Review prior audit findings and management responses

Identify key personnel and stakeholders involved in the audit

Collect accounts payable records and transaction reports

Obtain vendor contracts and agreements

Review payment terms and conditions

Ensure access to financial statements and ledgers

Confirm adherence to internal controls and policies

Evaluate compliance with applicable laws and regulations

Assess segregation of duties in the accounts payable process

Select a sample of transactions for detailed testing

Verify accuracy of invoice amounts and terms

Cross-check vendor information against records

Validate receipt of goods or services against invoices

Review the payment approval workflow

Ensure appropriate authorization for disbursements

Check for timely processing of payments

Assess any exceptions or deviations from standard procedures

Analyze vendor selection and due diligence processes

Review vendor payment history and terms

Evaluate any conflicts of interest or related-party transactions

Ensure proper documentation for new vendors

Reconcile accounts payable ledger with general ledger

Review outstanding payables and aging reports

Prepare audit findings and recommendations

Draft an audit report summarizing results and conclusions

Discuss findings with management and stakeholders

Develop an action plan for corrective measures

Schedule follow-up audits to assess implementation of recommendations

Document lessons learned and best practices for future audits

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