16 Practices to Ensure Adequate Controls of Your Payments

One of the places that corporations are most vulnerable when it comes to stringent internal controls is the payment process. Before Sarbanes-Oxley, lack of adequate controls in this area only opened the company up to fraud or duplicate payments, but now a company without adequate practices in this arena opens itself up to SEC censure. What follows is a list of steps that you can use to ensure that you have the proper payment processes in place. There should be board delegation regarding who…