What is an Accounts Payable Audit? An Accounts Payable Audit engagement is performed with the specific goal of identifying processing errors in the accounts payable department through your historical files. Basically, we review invoices, contracts and purchase orders checking for overpayments and under deductions.
Are all Accounts Payable Audits and audit firms the same? No! What sets Eagle Associates apart?
Thoroughness - We perform a complete audit of all your vendor files for the time frame specified.
Commitment - We are committed to establishing a long term professional relationship with our clients and we are committed to their complete satisfaction with our service.
Dedication - We are dedicated to providing a service you will find helpful in managing and controlling your accounts payable department with no up front cost and the longest, most advantageous payout terms of any firm in the accounts payable auditing industry.
Professionalism - Our goal is to perform a service which adds real value to both the bottom line, accounts payable staff and the management of staff of the organization being audited. We strive to do this with our experience, knowledge, complete follow-up assistance and a thorough report and evaluation based on our findings.
Does your organization need an Accounts Payable Audit?
Organizations of all sizes with all types of internal controls, sophisticated computer software and competent staff can benefit from your service.
An internal audit team does not generally target the Accounts Payable Department and they never perform an invoice by invoice audit of your current and historical files, as we do.
Another point of control, an A/P audit is a tool which will gauge the success of your current policies and procedures.
An A/P audit will generate an influx of cash which will be reflected directly in your organization's bottom line and was found with no financial risk to the organization.
We have never been involved in an audit engagement where we did not find lost revenues. Many of our engagements have yielded substantial findings.
What are the time and space requirements to perform an accounts payable audit?
Time on site varies from one week to one month or more and will vary with the size and complexity of each organization. Average one to two weeks. We will schedule at your convenience.
We need a contact person in the accounts payable department to answer any questions which may arise.
We need a place for 2 to 4 people to work, one small room or 2 to 3 workstations is sufficient.
Access to a copier, telephone, telefax, and your files are all that we require. In some cases, we need access to a computer terminal.
Access to vendor contracts and purchasing department staff.
How are lost funds recovered?
We prepare credit memos for the appropriate vendors and for input into your system. We provide you with two sets of credit memos and we maintain a reference set in our office to assist you if a problem does arise.
When we complete the audit we present our findings and provide complete instructions on processing the credit memos we have provided to the appropriate staff members. We provide a complete package of findings information to the controller and A/P manager ready to be processed and reviewed.
We offer complete follow-up service and assistance. We will be happy to provide you with help in solving any problems which arise during or after the audit.
How much of your staff's time is required during and after the audit?
We like to have a 30 to 60 minute in-briefing with appropriate staff members upon arrival.
During the course of the audit, we need no staff time, except for the occasional question and its explanation.
At the close of the audit engagement, we like to have a 30 to 60 minute out-briefing. At this time we present our on-site findings and provide you with all documentation and backup necessary to process our findings into your system for collection.
How will an accounts payable audit benefit your organization?
Increased revenues, recovery of funds which would otherwise be lost to your organization.
Increased Accounts Payable System efficiency.
Increased knowledge of effectiveness of system and policies in place.
Even if your system operates at 99.9% efficiency, that tenth of a percent represents $1000.00 in lost revenue for every one million dollars processed.
Hassle-free, results-oriented service with no up front fees or cost. No client risk involved. A win-win situation!
What will an Accounts Payable Audit cost?
No up front cost whatsoever.
Contingent percentage fee-based service. We don't make money unless you do!
Client neither invests nor risks anything, yet stands to gain a minimum of 50% of the funds recovered.
A better question is, "What is it costing if you do not have this service performed?".
What about references?
We will supply references upon request and can provide as many as you would like at that time.
We maintain the strictest confidentiality as to our findings, the names of organizations audited, and always obtain permission prior to mentioning or using a client as a reference.