Review all invoices for accuracy: Review all invoices for accuracy, including verifying that the cost per item and total invoice amount match the original purchase order.
Verify payments against invoices: Compare payments to invoices to ensure that all payments are accurate and that no payments have been made without an invoice.
Regularly check bank statements: Regularly review bank statements to ensure that all payments made to vendors are legitimate and that no unauthorized payments have been made.
Monitor vendor performance: Monitor the performance of vendors to ensure that they are meeting the terms of the contract and that all services have been provided.
Monitor inventory levels: Regularly monitor inventory levels to ensure that there is no overstocking of items by vendors.
Ensure competitive bids: Ensure that competitive bids are sought when selecting vendors to help ensure that pricing is reasonable and that no vendor is receiving preferential treatment.
Establish a formal fraud reporting process: Establish a formal process for reporting any suspected fraud by vendors.