16 Practices to Ensure Adequate Controls of Your Payments

One of the places that corporations are most vulnerable when it comes to stringent internal controls is the payment process. What follows is a list of steps that you can use to ensure that you have the proper payment processes in place. There should be board delegation regarding who can approve what type of payments. This should relate not only to dollar level but also the department or group that the person can approve payments for. That delegation can be sub-delegated by the person who…