It’s common practice for Accounts Payable (AP) Vendor Maintenance to call the vendor when there is a change requested to the vendor’s bank account. There is no shortage of fraud being reported, for AP teams not to know that additional validation protects companies from making fraudulent payments. The question is: Are AP teams driving up the volume of required vendor confirmations by not adding additional authentication processes because the vendor will be called to confirm the change anyway?
Check out my website www.debrarrichardson.com if you need help cleaning your vendor master file or implementing authentication, internal controls and best practices to it from fraud.
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Links mentioned in the Podcast:
Music Credit: www.purple-planet.com