This question came to my mind after hearing multiple companies state it is a Sarbanes-Oxley requirement that they perform a
recovery audit every one, two, or three years. As a company that provides recovery audit services and solutions, you would think this would put a smile on my face. But many years ago I was also an external auditor and CPA. So, it got me thinking about Sarbanes-Oxley, the COSO framework, and the overall spirit of SOX...
I recently met with a company who had a business process failure that caused a bunch of
duplicate payments. Luckily, the company had identified the issue, actually a couple of their suppliers had told them about the problem, and they were able to identify all of the duplicate payments from the failed business process.
So they contacted all of the relevant suppliers and asked each to send a check for the
duplicate payment made. They had accounts receivable process the refund checks. Sounds like a reasonable process, right???
So what do you think is causing them problems now? 1099 reporting.
This is my first video blog. It's a 9 minute video on the basics of how
duplicate payments happen. This video is intended for those people who may be new to Accounts Payable, work with Accounts Payables, or are just curious.