Retail Recovery Audit

An AP (Accounts Payable) Retail Recovery Audit is a type of financial audit that helps retailers to recover funds that may have been lost due to errors or overpayments made to vendors or suppliers. This type of audit is conducted by a third-party auditor who reviews the retailer's accounts payable records to identify any discrepancies or errors. During an AP Retail Recovery Audit, the auditor typically examines a retailer's accounts payable records, including invoices, payment records, and vendor contracts. They may also conduct interviews with staff members involved in the accounts payable process to gain a better understanding of the company's procedures and identify any areas of concern. The auditor's goal is to identify any instances where the retailer may have overpaid or underpaid a vendor or supplier, and to recover any funds that may have been lost as a result. This may include situations where: Discounts or rebates were not applied correctly Incorrect pricing or billing occurred Duplicate invoices were paid Payment terms were not adhered to Credit memos were not properly applied Sales tax or other fees were overpaid Once the auditor has identified any discrepancies or errors, they will work with the retailer to recover any funds that may have been lost. This may involve negotiating with vendors or suppliers to obtain refunds or credits, or pursuing legal action if necessary. Overall, an AP Retail Recovery Audit can help retailers to improve their financial performance and recover funds that may have been lost due to errors or overpayments. By identifying and addressing these issues, retailers can improve their financial efficiency and better manage their relationships with vendors and suppliers.

Retail Recovery Audit

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What is a AP Retail Recovery Audit?

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