Process and internal controls

A written control should say who performs the check, what they compare, when they do it, and what evidence they keep.

Hear it in practice.

Who reviews the payment?

Listen to a browser-narrated example or read the transcript. The speakers are fictional.

Read transcript

Host We’re a small team. Can we make payment approvals stronger without hiring another person?

Guest Start by mapping who enters the invoice, who approves it, and who releases the payment. Look for places where one person can do everything.

Host What if one person has to prepare and release the payment?

Guest Consider a documented review by someone independent, such as the owner reviewing the payment list and evidence before release. Choose a review that fits the risk and your staffing.

Host How do we make sure that review actually happens?

Guest Name the reviewer, set the timing, and keep evidence of what was checked. Write down how exceptions are handled.

Practice what you heard ↘

Make the review observable.

A written control should say who performs the check, what they compare, when they do it, and what evidence they keep.

Design a payment review

Step 1 of 3

Make the review observable

Risk Identify what could go wrong, such as an unapproved or duplicate payment.
Review Assign a reviewer and define the check before release.
Evidence Save approval evidence and document unresolved exceptions.

This demo records sample completion in this session. It carries no CPA continuing education credit.

Take it to the meeting.

Map payment risks, review steps, timing, evidence, and exception handling.

Payment controls worksheet

Map payment risks, review steps, timing, evidence, and exception handling.

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