AI Checklist Generator

From the makers of Manifestly Checklists

Email address

Home > Construction > audit checklist for AP liquidations

audit checklist for AP liquidations

1. Pre-Audit Preparation

Gather all relevant documentation related to accounts payable liquidations.

Ensure that all invoices are recorded in the accounting system.

Compile a list of all outstanding payables for the audit period.

Review prior audit findings and recommendations.

2. Documentation Review

Verify that all invoices have proper approvals and signatures.

Check for the presence of purchase orders corresponding to invoices.

Ensure that invoices match the received goods/services against packing slips.

Confirm that payment terms are consistent with contractual agreements.

3. Data Verification

Cross-check recorded amounts in the accounting system with actual invoices.

Analyze discrepancies between invoices and payment records.

Review the aging report for accounts payable to identify overdue items.

Ensure that any adjustments or credits are properly documented.

4. Compliance Checks

Confirm adherence to company policies and procedures regarding payables.

Review compliance with tax regulations related to vendor payments.

Ensure that any related-party transactions are disclosed and documented.

5. Payment Process Review

Verify that payment runs are conducted according to established schedules.

Check that payments are made only after proper approval processes.

Review bank statements to confirm that payments match the recorded transactions.

Ensure that any wires or electronic transfers are securely authorized.

6. Risk Assessment

Identify areas of potential fraud or abuse within the AP process.

Assess the effectiveness of internal controls over accounts payable.

Evaluate the segregation of duties within the AP team.

7. Reporting and Follow-Up

Compile findings into a comprehensive audit report.

Highlight any discrepancies, compliance issues, or areas for improvement.

Schedule a meeting with management to discuss audit results.

Develop action plans to address any identified issues and assign responsibilities.

8. Continuous Improvement

Establish a timeline for follow-up audits to ensure corrective actions are implemented.

Recommend training for staff on best practices in accounts payable management.

Monitor changes in policies or procedures for ongoing compliance.

Download CSV Download JSON Download Markdown

Use in Manifestly

Related Checklists

Subcontractor Performance Checklist

A Subcontractor Performance Checklist is an important tool for ensuring that subcontractors are meeting all contractual requirements and delivering a quality end product.

view →

Punch List Checklist

A Punch List Checklist is essential for ensuring that all construction tasks are completed to the agreed upon standards and specifications.

view →

Pre-Construction Checklist

A Pre-Construction Checklist is essential to ensure that all parties have a clear understanding of the project scope, timeline, and budget before construction begins.

view →

Project Bid Checklist

A Project Bid Checklist is an essential tool for ensuring that the bidding process is fair, accurate, and comprehensive.

view →

Site Clean Up Checklist

A Site Clean Up Checklist is an important tool for ensuring that a construction site is in compliance with safety and environmental regulations.

view →

Project Closeout Checklist

The Project Closeout Checklist is an essential tool to ensure that all project deliverables have been met and that all stakeholders have been satisfied with the project's outcome.

view →

Safety Checklist

A Safety Checklist is essential to ensure that all necessary safety precautions are taken to reduce the risk of injury or damage on a construction site.

view →

Project Quality Control Checklist

A Project Quality Control Checklist is an essential tool for ensuring that all aspects of a project are completed to the highest standards of quality.

view →

Daily Log Checklist

A Daily Log Checklist is an essential tool to ensure that all construction tasks are completed on-time and to budget.

view →

Payment Request Checklist

A Payment Request Checklist is essential for ensuring that all relevant information is included in payment requests and that payments are made correctly and on time.

view →

Change Order Request Checklist

A Change Order Request Checklist is essential for ensuring that all changes to the project are properly documented, approved and accounted for.

view →

Equipment Maintenance Checklist

A properly completed Equipment Maintenance Checklist is important for ensuring that all necessary maintenance activities are completed on time and in accordance with safety standards.

view →

Job Cost Tracking Checklist

The Job Cost Tracking Checklist is essential for controlling costs and ensuring projects are completed on time and within budget.

view →

Hey there! Here's a little about us or visit our recurring workflow SaaS: Manifestly Checklists

Light Dark