What is AP compliance?
AP compliance has never been so much at the forefront of thinking. Foreign legislation such as Sarbanes Oxley (US) and Bill 198 (Canada) provide an opportunity for organisations to improve their policies and procedures in compliance areas of AP.
The APA has created some guidance notes that can be downloaded to assist in developing increased awareness and putting in place increased controls within the AP function.
As a part of our research into AP compliance we have also reviewed a number of “compliance solutions” with a view once again in assisting in the overall improvement and refinement of organisational processes and procedures.
Benefits of AP Compliance
Here are some potential benefits of ensuring compliance is in place in your organisation:
Benefits of accounts payable auditing
- Reduction of fraud risk in AP departments through tightening potential fraud areas
- A tick in the box from Auditors who will be impressed with pre-emptive compliance work
- Detection of fraud and “nipping it in the bud” quickly through early warning systems
Sarbanes Oxley Act 2002
The Sarbanes Oxley Act is valuable US legislation, which legislates on corporate governance and financial practices. Organisations can use the framework of Sarbanes Oxley to help in compliance with their AP function.
The Sarbanes Oxley Act, great for compliance testing in AP
Visit the official Sarbanes Oxley website at http://www.soxlaw.com/.
Downloads available to members
The compliance guidance notes and reviews are available as downloads free of charge to members.
A number of compliance software solutions are mentioned throughout the articles. These are available to view online.
In addition we are in talks with a number of compliance providers to sponsor an AP compliance event later during 2016. This has the purpose of informing, educating and also viewing compliance solutions as well as giving members the opportunity to ask questions on compliance relate topics.
Image Credit: Chris Grollnek