Using the following narrative, create a flowchart to illustrate the process. Ensure you include the following: control
Question:
Using the following narrative, create a flowchart to illustrate the process. Ensure you include the following: control activities, documents, and key reports.
Invoices are received via email at invoices@greyhouse.com. If the invoice relates to goods, the A/P Specialist will pull the related purchase order and shipping receipt (bill of lading) from SAP. The A/P Specialist will perform a match between the 3 documents to validate accuracy of pricing and quantity information. If discrepancies are noted, the A/P Specialist will discuss and resolve with the vendor.
If the invoice relates to services, the A/P Specialist will pull the related purchase order from SAP. The A/P Specialist will perform a match between the 2 documents to ensure accuracy of pricing and quantity information. If discrepancies are noted, the A/P Specialist will discuss and resolve with the vendor.
If there are no discrepancies noted (or discrepancies have been resolved with the vendor), the invoice and supporting matching documentation is submitted to the A/P Manager via email. The A/P Manager will review and approve the invoice. If discrepancies are noted, the A/P Manager will resolve with the A/P Specialist. Once approved, the invoice is emailed to the A/P Accountant for payment processing.
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton