What should accounts payable staff do to ensure compliance during audits?

Maintaining accurate records of all transactions is crucial for compliance during audits. Accurate record-keeping ensures that all financial activities are documented, which is essential for providing transparency and accountability in financial management. During an audit, auditors review these records to verify that transactions align with company policies, accounting standards, and regulations.

By keeping detailed and precise records, accounts payable staff can:

1. Provide clear evidence of all financial activities, including invoices, payment details, and vendor communications, making it easier to trace and validate each transaction.

2. Facilitate a smoother audit process, as comprehensive records reduce the likelihood of discrepancies or errors that could raise questions during an audit inspection.

3. Ensure compliance with relevant laws and regulations, as many jurisdictions require businesses to retain specific financial records for designated periods.

In contrast, the other options do not support robust compliance efforts during audits. Limiting transactions with vendors restricts business operations and may lead to potential issues with supplier relationships. Focusing solely on larger transactions disregards the importance of smaller transactions, which can also impact the overall financial picture. Coordinating with marketing departments, while important for certain business operations, does not directly pertain to the compliance needs of accounts payable during audits.