Are Recovery Audits Worth the Time and Trouble?

Although IOFM research shows that more than 99 percent of all accounts payable transactions are handled correctly in most organizations, some payment errors do inevitably occur—even when organizations have strong internal controls.

Although a one percent error rate sounds rather insignificant, it can often result in a sizable loss. Payment errors can result when AP is dealing with multiple vendors, numerous discounts and allowances, fluctuating prices, and complex…