Explain the need for risk mitigation based on the scenario. Include the following details in your response:

Identify inconsistencies or anomalies that require risk mitigation.

Purpose

The purpose of this policy is to establish policy statements, guidelines, and procedures to effectively manage the accounts payable processes. It establishes procedures and practices for the purpose of goods and services as well as reimbursements to individuals as part of carrying out the company$$s business.

Objective

To be a guide of all timely and accurate recording of payment to ensure that vendors, staff, and other owed parties are paid accurately and timely.

Scope

General policy: This policy applies to all accounts payable for Posey$$s Pet Emporium. All payments must be supported by a source document, which in most instances is a third$-$party invoice, and an approved purchase order or check request. The invoice represents confirmation from a third$-$party that a product or service was provided to the company.

Transactions Involving Purchase Orders

Accounts payable receives the appropriate documentation from the pertinent department indicating goods and services have been received. A three$-$way match of the purchase order, invoice, and receiving document is performed and approved by accounts payable. Once approved by accounts payable, a payment voucher is created in the Oracle NetSuite system for payment.

Employee Reimbursement Requests

The company will reimburse employees for business expenses incurred as part of their job responsibilities or incurred while on company required travel. Employees request and submit all supporting documents for these expenses utilizing the web$-$based expense reimbursement system. These transactions are approved electronically by the employee$$s department head. Once all approvals have been made the document electronically passes to accounts payable. Accounts payable reviews the supporting documentation and approves the report for reimbursement.

Check Processing and Distribution

i$.$ Checks

Checks are processed on Tuesdays and Thursdays and distributed on Tuesdays and Fridays by accounts payable. It is the general policy of A$/$P to mail checks to vendors within thirty days of invoice date. Expedited processing can be approved by the controller or by the accounts payable team lead.

ii$.$ Accounts Payable

Accounts payable mails checks directly to the vendors to maintain control over checks and to limit the additional time necessary for special handling. It must be clearly noted on the invoice when sent to A$/$P if a circumstance exists where the check should not be directly mailed from the finance$/$accounting office. The controller reviews and approves any exceptions to direct mailing.

iii. Invoices

If a circumstance exists where a copy of the invoice is required to be mailed with payment, this must be clearly marked on the invoice when sent to A$/$P$.$ It is also the responsibility of the office forwarding the invoice to furnish a copy of the document that must accompany the payment. The invoice must remain in A$/$P$.$

iv$.$ Vendors

All vendors are required to complete a W$-9$ prior to being added to the vendor file for payment. Any payments made to an independent contractor or an unincorporated vendor for services require the organization to prepare and mail a Form $1099$ after the calendar year$-$end.

v$.$ Payments

Payments to non$-$U$.$S$.$ citizens cannot be disbursed prior to the receipt of a completed Foreign National Information Form certifying foreign status, or any other applicable documents.

Receiving Procedures

Goods are delivered directly to the requesting office. The requestor receives the goods and packing slip. After the goods or services have been received the packing slip should be signed indicating receipt of goods and scanned and emailed to accounts payable. Below are units payable.

i$.$ Partial Shipment

If you receive a partial shipment, mark the items and date received on your receiving report, photocopy the receiving report, sign, and date the copy and send the copy to accounts payable. Send the original receiving report when all items have been received.

ii$.$ Complete Shipment

If all items are received from the vendor, sign, and date the receiving report and send the receiving report to accounts payable.

iii. Returns

Sometimes the goods received need to be returned. The requestor should contact the vendor to inform them of the need to return and obtain a return authorization number. The requesting office should repackage the goods and place the return address label on the package. The package should be returned to the vendor. After the order has been received by the vendor notify the purchasing office and have the purchase order modified or voided.

iv$.$ Cancellations

When goods or services are ordered but not needed, the requesting office should contact the purchasing office staff to inform them of the need to cancel the order. The purchase order genera