Accounts Payable Audits

Every AP transaction is audited for accuracy by Profectus technologies and the audit team.

The Accounts Payable audit will identify and recover duplicate and overpayments, GST processing errors and aged vendor statement credits.

Accounts Payable Audits ROI:

  • Financial inflows: on average $25,000 to $75,000 for every $100 million of spend
  • Benchmarking: against peers and internal period on period benchmarking
  • Process and system recommendations
  • Little resource input from client
  • Extension of Internal Audit reach

The audits provide an understanding of system and process effectiveness and performance benchmarking against peers.

Our technologies prevent future errors with real time auditing and highlight opportunities to improve your terms.

Accounts Payable Audits for a Global Bank.

The bank sought an external audit partner to test internal controls across its historical invoice payment transactions. The bank wanted to benchmark its own performance against future audit results post implementation of their global offshore processing house.

We selected Profectus as our audit partner to complete a review of all Accounts Payable transactions. The Accounts Payable audit included a recovery function driving financial returns back into the business as well as providing the bank with practical recommendations to modify processes and improve controls within the new accounts payable environment.
Global BankHead of Procurement Australian Operations

Accounts Payable Audits

Category of Audit
Audit Types
Duplicate / Over Payments aduit
  • payment errors
  • overpayments
  • duplicate payments
  • cross entity duplicate payments
GST/VAT audit
  • incorrect calculation or processing GST/VAT
  • GST/VAT increase integrity review
Vendor Statement review
  • review of vendor statements to identify credits that have been overlooked
Vendor Master analysis
  • review of the vendor master file and trading history to identify duplicate vendor records to be blocked
Accounts Payable Audit Detail