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Non-Financial audit of Accounts Payable

alex richter

on 8 May 2013

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Transcript of NGFCU AP Audit

Audit Working Paper Team 2 William Daley
Thanh Vi Nguyen Nature of the Business Federal Credit Union
Corporate charter under FCUA
Provides a variety of financial services to its members.
Participation is limited to qualified individuals
Primary deposit products are share accounts
Primary lending products: Real Estate, Auto, Unsecured Loans Nature of the Business: NCUA National Credit Union Association
Stability in Credit Union industry
Independent agency of US Government
NCUSIF Insures member share accounts

NCUA Insurance protects members from the risk of credit union failure caused by insolvency or bankruptcy. Risk Assessment Control Activities Control Activities Approval
Executive Management
Accounting Manager
Controller Work Program Work Program Plan an entrance meeting.
Obtain documents necessary for audit.
Gain understanding of payment procedures.
Observe & document processing of payment.
Process Map the entire A/P process. Accounts Payable Process Work Program Sample petty cash
Sample invoices
Sample expense reports

Use the electronic vendor master file
Prepare preliminary draft of audit report
Give and discuss preliminary draft to mgmt. Accounts Payable Process Flow Chart Accounts Payable Process Flow Chart Process Accounts Payable Risk Control Matrix Alex Richter
Jessica Ruiz Control Activities Top Risk- Fraud
Moderate Risks
Low Risks Agenda Internal audit of the Accounts Payable process.

AP Process Flow
Assess the potential risks
Likelihood & impact of the risk
Determine compensating controls
Work Flow Conclusion Reviewed the AP Process flow
Assessed the Risk
Fraud, Duplicate Payments, Human error
Controls to mitigate risk
Approval, Executive Management
Work Program
Steps we would take to evaluate controls Risk by Process Matrix Thank you. Objectives and Critical Risk Matrix
Full transcript