Due Diligence and Ongoing Monitoring

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  • 1.  Accounts Payable

    This message was posted by a user wishing to remain anonymous
    Posted 08-26-2022 10:16 AM
    This message was posted by a user wishing to remain anonymous

    How does everybody handle AP, after the vendor is onboarded?
    As TPRM do we have to have a process in place to make sure that invoices paid match what is stated in contracts?
    Or that is for AP and Business unit to handle?


  • 2.  RE: Accounts Payable

    This message was posted by a user wishing to remain anonymous
    Posted 08-26-2022 11:02 AM
    This message was posted by a user wishing to remain anonymous

    When I first started in my role I asked our AP office a) do they need the contract or b) do they need access to our repository?  I thought maybe they would need to verify information prior to paying.  The answer to both was no.  Our FI's current process is routing the invoice for approval to the business unit & it is the assumption the business unit approver knows what the contract states & what the pricing should be. 
    Our Internal Audit staff includes an invoice review when they audit the business unit or process, that way it is not put on TPRM to validate the contract pricing matches the invoice pricing.