In summary, the specific scope of your audit will determine how much crossover there is between different audit types — compliance, operational, client-specific or vendor audits, cyber risk continues to be an ever-evolving and complex challenge for the financial sector. As a result, decide on an appropriate audit strategy, and be able to design and perform effective audit procedures.
Accounts payable is a critical portion of your financial records and can be subject to fraud without careful reconciliation and oversight, correspondingly, different decisions are made by different people at each step of the budget process.
Want to check how your Audit Processes are performing? You don’t know what you don’t know. Find out with our Audit Self Assessment Toolkit: