The fun never stops.
My assistant prepared a “Scheduled Payments” list, for me to review and indicate whether or not I agreed with paying a particular vendor. On the list I had indicated that she was going to double pay a particular vendor and to back it out. She either ignored or didn’t pay attention to my instructions and ended up paying the vendor twice, on separate cheques. And it does not end there dearest mushrooms, oh no. She ran the entire cheque run on USD cheques. These are Canadian vendors and should be paid in Canadian dollars.
I had to void the entire cheque run – thankfully it was only 20 cheques. I instructed her to keep the voided cheques, properly defaced, along with the Void Report. She asked why, why can’t we just hide what was done. I stared at her for a minute and I said Accounts Payable is a favourite department within any Finance Team to be audited heavily. There is so much opportunity to embezzle funds, if the roles are not properly segregated, that cheque stock is routinely audited by not only Internal Auditors but also External Auditors.
Little by little my assistant is learning the ways of Sarbannes-Oxley, the bane of all accountants in North America. Wait until IRFS, that should be fun.