We recently began a first-time Accounts Payable vendor audit at our credit union, intending to scrutinize the vendor records first for validity and reasonableness (of use, services, purposes, etc.) before doing a separate review of the invoice payment processes.In looking for potential 'fake' vendors, we have scoured the vendor master file looking for unusual or unfamiliar company or organizational names, validated a sample by site visits and phone conversations or comparisons to industry business sources, and compared business addresses to our employee addresses to identify related party vendor relationships. Short of auditing the payments (which we will do subsequently), are there any other steps we could do to look for potential 'fake' vendors? Cheri SchneierVantage Credit Union
February 13, 2012 - 10:44am
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