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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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