Internal controls are essential for safeguarding an organization's financial resources, and AP/AR processes are particularly vulnerable to errors and fraud.
This session focuses on 12 practical checks that managers and staff can implement to improve accuracy, reduce risk, and ensure accountability.
The course begins with an overview of common risks in AP and AR, including duplicate payments, late collections, invoice fraud, and misappropriation of funds. Participants will learn why these risks occur and how structured controls can mitigate them.
We then introduce the 12 practical checks, covering both preventative and detective measures. Topics include: verifying vendor information, matching purchase orders to invoices, approving payments, monitoring receivable aging, implementing segregation of duties, reconciling accounts, and reviewing exceptions. Each check is explained with step-by-step guidance and real-world examples.
Participants will also learn how to integrate these controls into existing workflows without creating unnecessary bottlenecks. The session emphasizes a balanced approach: controls should be strong enough to prevent errors and fraud, but flexible enough to maintain efficiency in day-to-day operations.
Finally, we explore monitoring and continuous improvement. Effective internal controls require ongoing review and adjustment to respond to new risks, system changes, or process improvements. Participants will gain practical tips for tracking performance, auditing processes, and ensuring compliance across AP and AR functions.
By the end of the course, participants will be equipped to implement a comprehensive internal control framework for AP and AR, reducing errors, preventing fraud, and strengthening overall financial management.
Why should you Attend:
Errors and fraud in AP and AR can have serious consequences, from financial loss to damaged stakeholder trust. Yet, many teams operate without clear checks and balances, relying on manual processes or assumptions that invoices and payments are accurate. This session provides 12 practical internal control checks designed specifically for AP and AR.
Participants will learn how to prevent common mistakes, detect potential fraud early, and maintain accurate, reliable financial records. You'll gain tools for verifying transactions, monitoring compliance, and establishing clear approval workflows. The course also emphasizes practical implementation. Each check is explained in simple terms with examples showing how it fits into everyday processes.
Participants will see how even small improvements in internal controls can have a significant impact on accuracy, efficiency, and financial security. Whether you're a finance manager, accounting professional, or operational leader, this course equips you with the knowledge to strengthen your AP and AR functions, reduce risk, and protect your organization's resources.
By the end of the session, participants will have a clear, actionable framework to implement immediately, ensuring errors and fraud are minimized.
Areas Covered in the Session:
