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INTERNAL AUDIT - ACCOUNTS PAYABLE AUDIT University of Washington August 11, 2011

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INTERNAL AUDIT - ACCOUNTS PAYABLE AUDIT University of Washington August 11, 2011 Kim Herrenkohl, Director Western Washington University Office of the Internal Auditor 360-650-3435 [email protected] Training Objectives. Discuss common fraud risks

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INTERNAL AUDIT -

ACCOUNTS PAYABLE AUDIT

University of Washington

August 11, 2011

Kim Herrenkohl, Director

Western Washington University

Office of the Internal Auditor

360-650-3435

[email protected]

training objectives
Training Objectives
  • Discuss common fraud risks
  • Objectives of an operational accounts payable audit
  • Discuss WWU’s Audit Program
  • Discuss WWU’s Audit Report
common fraud risks in disbursement processes
Common Fraud Risks in Disbursement Processes
  • Improper separation of key processing duties within A/P and Accounting
  • Returning checks to the person that enters the invoices into the system or prompted the payment
  • Department employee submits a fictitious invoice
  • A/P employee creates a fictitious vendor in system and enters invoices
washington state disbursement frauds
Washington State Disbursement Frauds
  • Accountant issued 6 fictitious checks to two friends and recorded them as vendor refunds ($71,750)
  • A/P supervisor issued checks to himself & issued checks to vendors to pay his personal bills ($137,467)
  • Freight vendor took advantage of weak internal controls and relationship with an employee and overbilled for freight charges ($839,707)
objectives of a p audit
Objectives of A/P Audit
  • As Internal Auditors (not financial statement auditors), our audit scope typically includes reviewing for:
  • Effectiveness
  • Efficiencies
  • Compliance with policy & regulation
  • Safeguarding assets (reasonable internal controls)
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