Accounts Payable and Disbursement Processes Questionnaire
Accounts Payable and Disbursement Processes Questionnaire from AuditNet
Policies and Procedures
1. 1
Do procedures specify the individuals authorized to process accounts payable transactions?
2. 2
Are employees adequately trained and supervised?
3. 3
Does a procurement policy exist? Does it include policies and procedures for acquiring capital items, routine and non-operating purchases, contracts, employee business travel expenses both local and out of town and petty cash uses?
4. 4
Does a schedule of payment approval authorities exist? Is it adequate to ensure proper approval for procurement payment and timely payment processing?
5. 5
Is the mathematical accuracy of vendor invoices or statements verified prior to payment?
6. 6
Are invoices matched to receiving reports and purchase orders?
7. 7
Is evidence of properly authorized debit transactions (i.e., returned merchandise) provided to the accounts payable personnel?
8. 8
Are other verification techniques applied for purchases of services and other items not involving receipt of physical merchandise? What are they?
9. 9
Are invoices reconciled to all available physical evidence of the debt, such as meter readings, leases, contracts, and completion reports?
10. 10
Do procedures specify the method to be used in following up and resolving exceptions, such as unmatched invoices, receivers, or errors?
11. 11
Are standing payment authorizations used? How are they monitored for expiration/renewal?
12. 12
Do procedures state requirements for processing internal check requests?
13. 13
Are Electronic Data Interchange (EDI) purchase orders, invoices, purchase card or credit card transactions used to exchange transactions with business partners?
14. 14
Has the responsibility for balancing and reconciling the EDI transfers been assigned?
15. 15
Has the responsibility for balancing and reconciling the EDI transfers been assigned?
16. 16
Are electronic acknowledgements received and compared for both in-bound and out-bound transactions?
17. 17
Is an exception report produced of transmission differences? Are exceptions cleared?
Duplicate payments and lost discounts
1. 1
What processes are used to monitor duplicate payments? Have you discovered any duplicate payments?
2. 2
Are available cash discounts appropriately taken? How is the process monitored?
3. 3
Are invoices stamped upon receipt with a receipt and date stamp?
4. 4
Are copies of invoices stamped to indicate duplicate items?
5. 5
Are invoices entered into the accounts payable system upon receipt?
6. 6
Does the accounts payable system identify duplicate vouchers prior to payment processing?
7. 7
Do check signers review the supporting documentation and match checks to vouchers prior to mailing?
8. 8
Are payments deferred until the appropriate due date?
Payment Controls
1. 1
Is the accounts payable department a corporate function or do other subsidiaries process accounts payable transactions?
2. 2
Does the system have other entities such as a TPA, HMO or other claims processing group that process disbursements apart from accounts payable?
3. 3
Do the other entities follow the network accounts payable policies and procedures?
Disbursement Controls
1. 1
Is check stock inventoried upon receipt? Following issues? Periodically?
2. 2
Is check stock maintained in a locking cabinet?
3. 3
Is access to the check stock maintained under dual control?
4. 4
Are signature plates maintained in a locked compartment?
5. 5
Is access to the signature plate maintained under dual control?
6. 6
Are safe combinations periodically changed and also changed whenever employees who have access to the safe leave the business or change positions?
7. 7
Are manual check signers required to examine and initial / date stamp supporting documentation?
8. 8
Do manual checks require two signatures?
9. 9
Is check signing restricted to executives without access to accounting records or cash?
10. 10
Do policies and procedures prohibit checks from routinely being returned to the requester?
11. 11
Is a sign off log maintained for checks returned to the requester?
12. 12
Are checks printed on special paper to make it difficult to alter the payee's name or the amount?
13. 13
Is access to vendor disbursements properly safeguarded prior to mailing?
14. 14
Are systems and system changes required to be reviewed and approved by appropriate management?
15. 15
Are changes to the vendor master files authorized prior to making the change?
16. 16
Do procedures specify the period for retaining records related to complete accounts payable transactions?
17. 17
Do procedures require the use of passwords, employee identification, lock keys, or other means for limiting access to terminals?