Engagement
Full Financial Audit of Invoice Processing Applications
End-to-end assurance over how invoices enter, clear, and settle in your application — from vendor master to payment run.
Who this is for
Controllers, CFOs, and internal audit leads who need independent assurance that the application processing supplier invoices supports reliable financial reporting. Typical clients run mid-volume AP (roughly a few thousand invoices per month upward) on a dedicated invoice module or shared service application.
Result you receive
A written findings report that maps control gaps to invoice lifecycle stages, ranks issues by financial statement and fraud risk, and lists management actions with suggested owners. We also deliver a closing briefing for finance leadership — usually ninety minutes — so questions can be answered before the report is circulated to an audit committee.
Scope included
- Planning interview covering application landscape, volume, and known pain points
- Walkthrough of vendor master maintenance, invoice capture, coding, approval, three-way match (or equivalent), exception queues, and payment proposal/release
- Sample testing of invoices and payment batches for a defined period
- Review of reconciliations between the application, the general ledger, and bank payment files
- Assessment of segregation of duties for high-risk functions (vendor create, bank detail change, payment release)
- Draft findings, management response window, and final report
Scope excluded
- Statutory external audit opinions under Korean CPA standards
- Software development, configuration changes, or vendor selection advice as a product decision
- Continuous monitoring retainers (available only as a separate follow-up engagement)
- Tax advisory on withholding or VAT treatment beyond noting control implications
Provider and process
Work is led by a Wise Digital engagement manager with AP controls experience in Korean corporate environments. Fieldwork is performed by a small team (typically two to three people). You appoint a single client coordinator for access, sample pulls, and scheduling around close.
- Scoping call and engagement letter
- Access kickoff and process walkthroughs
- Sampling and substantive tests
- Draft findings and factual accuracy check
- Final report and briefing
Duration and location
Most mid-market applications complete in four to eight weeks depending on volume, number of legal entities, and how quickly samples can be extracted. We prefer at least two days on-site at your AP location or shared service center; remaining work can continue remotely. Our base is Jung-gu, Seoul.
Preparation
Please prepare application admin contacts, process narratives (if any), a list of open audit findings related to AP, and sample export capability for invoices and payment runs. Month-end blackout weeks should be flagged early.
Constraints
We require read-only or supervised access sufficient to observe configurations and extract samples. We do not accept engagements where payment release rights cannot be evidenced. Multi-entity groups may need phased scoping.
Pricing basis
Quoted as a fixed fee after scoping. Fees reflect entity count, invoice volume, and whether multiple applications feed the same payment process. See Rates for indicative ranges.
Next step
Request a scoping call and tell us which application processes invoices, approximate monthly volume, and your preferred reporting deadline (for example, ahead of an audit committee meeting).