Master Vendor File Best Practices
Author: Mary Schaeffer
||2 hours for CPAs
Companies are discovering, often the hard way, that ignoring their master vendor file can have serious consequences. The emergence of new frauds, the increased realization that internal controls really do matter and increased regulatory compliance requirements have all shined a light on less-then-stellar master vendor file practices. Now, with all the different types of vendor portals, this old workhorse is getting a lot of attention.
Many companies are discovering they have weak master vendor file practices and even worse procedures for soliciting taxpayer identification numbers (TINs) for information reporting purposes. There is also a bit of confusion surrounding the new vendor portals in the marketplace.
Publication Date: March 2017
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, payroll professionals and procure-to-pay professionals.
- Problems within existing master vendor file practices
- Master vendor file best practices
- Enable proper TIN solicitation
- Frauds that can be prevented
- Make master vendor file fraud-resistant
- Collect data needed to run an efficient and regulatory compliant AP function
- Segregation of duties issue
- Different types of portals
- Identify problems within their existing master vendor file practices
- Recognize and implement master vendor file best practices that will enable proper TIN solicitation
- Identify frauds that can be prevented through good master vendor file practices while making their master vendor file fraud-resistant
- Identify and collect all data needed to run an efficient and regulatory compliant AP function
- Recognize how to address the segregation of duties issue correctly
- Differentiate the different types of portals and decide which is best for your operation
NASBA Field of Study
Accounting (2 hours)