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What is an Accounts Payable (AP) Recovery Audit? It is a historical or real-time review of your Accounts Payable data to identify erroneous overpayments and under-deductions made to your suppliers. The areas of an Accounts Payable Recovery Audit include duplicate payments, supplier credits, payment terms, accruals, rebates, allowances, pricing, contract terms, transportation, escheatment, real estate leases, among others.
What does every Accounts Payable Recovery Audit entail? Our best in class approach to any AP recovery audit engagement begins with an effective recovery audit project plan that is developed in collaboration with our customer’s specifications. We do not let our auditors make decisions in a vacuum, nor do we sit back and hope for the best – as many still do. On the contrary, our recovery audit process is precise, controlled and defined.
Each engagement is assigned a managing director that is responsible for all components of the AP recovery audit.
At the beginning of every Accounts Payable Recovery Audit, SAS will conduct a Preliminary Audit meeting with our client to establish and outline a comprehensive project plan complete with each step of the Accounts Payable audit process, recommended approach, scope, deliverables, and timelines. This preliminary audit plan will include:
SAS will generate standard reporting based on client specific directives, providing updates of recovery audit status and key indicators as agreed upon during the initial Preliminary Audit meeting.
SAS’ proprietary web based Claims Approval System will be utilized throughout the Accounts Payable Recovery Audit engagement to monitor and track claim production.
At the conclusion of the Accounts Payable Recovery Audit, we will deliver our Engagement Management Report outlining our findings and recommendations for improvements to your systems and controls.
We also provide value added reporting for many of our clients which will provide greater insight into their Accounts Payable environment. These reports are customized based upon client specific needs.