An AP review examines whether supplier obligations, invoice records, approvals and payment activity are complete, accurate and supported. The purpose and evidence needed differ between an internal operational review and an independent financial-statement audit.
A review can examine invoice-to-record reconciliation, approval evidence, duplicate indicators, vendor-master changes, payment matching, cutoffs and unresolved items. Define the period, population, review method and person authorized to conclude on the findings. Retain the supporting records and assign owners to corrections.
ARDEM can support the agreed processing, reconciliations, record preparation and exception follow-through. An independent audit opinion or assurance engagement requires the appropriately qualified auditor and a separate scope. See AP services and the SEC explanation of an audit.