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accounts payable

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 4 Minutes Read April 6, 2022

Segregation of duties and accounts payable

two people workingSegregation of duties strengthens internal controls. Accounts payable or AP is one of the easiest channels for an organization to lose money if internal controls are weak. The AP department’s responsibility to monitor, process, and control payments to creditors is essential to avoiding improper payments. If there is no segregation of duties, internal controls are likely to be weak. If internal controls are weak, the risk of errors and improper payments increases.

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Business, Finance and Accounting / accounting errors, accounts payable, fraud, Internal Controls, segregation of duties Leave a Comment

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 4 Minutes Read December 5, 2018

It’s almost year end; avoid cut-off errors

Cut-off errors are common and it is important that you avoid them, particularly at year end when one fiscal year will be closed and finalized for the external audit or as a precursor to starting the new fiscal year.

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Business, Finance and Accounting, Not for Profit / accounts payable, accounts receivable, AP, Apolone Gentles JD CPA CGA, cut-off; financial statements, external audits, financial audits, inventories, year end, year end closing

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