When Was the Last Time You Conducted an AP Regulatory Compliance Review?

A regulatory compliance review should be performed by every accounts payable department, advises IOFM's Education Director Pam Miller and other leading compliance experts. The following approach can help structure and execute your assessment. Phase One: Define the Scope of the Review Create a team that includes the controller and a representative from AP, internal audit, tax, and legal. With the team, identify areas of potential compliance vulnerability or weakness. Document the objectives…