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Internal Controls & Fraud Prevention in Accounts Payable

The presentation on "Internal Controls & Fraud Prevention in Accounts Payable" by Exo Edge emphasizes the importance of strong financial controls in property management accounting. It begins by highlighting the need for internal controls to prevent fraud, improve efficiency, and maintain accuracy in accounts payable processes. Key controls such as segregation of duties, approval workflows, invoice matching, reconciliations, and vendor verification are essential in mitigating risks.

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Internal Controls & Fraud Prevention in Accounts Payable

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  1. Internal Controls & Fraud Prevention in Accounts Payable Presented by Exo Edge

  2. Introduction to Internal Controls in Accounts Payable • Importance of internal controls in AP • Preventing fraud and financial mismanagement • Enhancing efficiency and accuracy in property management accounting

  3. Key Internal Controls in AP • Segregation of Duties: Avoid single-person control over invoices & payments • Approval Workflows: Multi-level authorization for payment processing • Invoice Matching: 3-way match (PO, invoice, receipt) to ensure accuracy • Regular Reconciliations: Periodic reviews to detect discrepancies • Vendor Verification: Background checks to prevent fictitious vendors

  4. Fraud Risks in Accounts Payable • Duplicate Payments: Paying the same invoice multiple times • Fictitious Vendors & Invoices: Fake companies created for fraudulent payments • Collusion & Kickbacks: Internal employees conspiring with vendors • Check Tampering & Payment Fraud: Unauthorized alterations or diversions

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