ACCOUNTS PAYABLE RECOVERY AUDITS – WHAT ARE THEY AND WHY SHOULD THEY BE CONSIDERED A BEST PRACTICE?
The Institute of Financial Operations
JULY 12, 2021
WHAT IS AN ACCOUNTS PAYABLE RECOVERY AUDIT? Quite simply, it is a review of your Accounts Payable historical data for the purpose of identifying and recovering funds paid to your vendors and suppliers resulting from overpayments and under-deductions. The reasons for these erroneous payments are numerous and areas of recovery can include duplicate or wrong payments, open/unapplied supplier credits, unrecorded accruals/rebates/allowances, contract/purchase order terms compliance, pricing errors, m
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