Frequently Asked Questions

Is there any sense of urgency about when we should contract to do an accounts payable review?

How many people will be in our offices to perform this work?

How experienced are your auditors?

How much are we (the client) involved?

What payables do you look at and how are you paid?

First, A word about Sarbanes-Oxley

On July 30, 2002, U.S. President George W. Bush signed the Sarbanes-Oxley Act of 2002 (the Act). The goal of the Act is to increase the reliability of financial statements issued by public companies listed on American Stock Exchanges. It seeks to do this by increasing the number of independent parties responsible for the issuance of the statements, by increasing the independence of those already involved in the process, and by the imposition of serious sanctions for violation of accounting and reporting rules.

Payables Consulting Services is not associated with any of the major Accounting firms. We do not engage in customer list or contacts trading. We are completely independent. In choosing Payables Consulting Services, you avoid any possible contravention of the Sarbanes-Oxley Act.

Is there any sense of urgency about when we should contract to do an accounts payable review?

Yes, there are several things to consider.

ü The statute of limitations may be running out on tax items

ü The sooner the program is started, the better chance that the client and vendor have access to the records in question.

ü PCS cannot always predict when one client review will end and the next review will start. There can be a window of plus or minus three weeks. Because of this, PCS needs to put our clients into a schedule for planning purposes. We cannot do this without a signed agreement.

How much space do you need?

We need only enough space for our people to work in. This can be a very temporary facility such as a couple of tables and chairs.

How many people will be in our offices to perform this work?

Most of the time for the on-site work we use up to two person teams. We find this is the most efficient way to handle the work

How experienced are your auditors?

Each of our auditors have at least 18 years of experience. They have upper management expertise and all are accredited accountants with CGA, CMA, or CA designations.

How much are we (the client) involved?

Your only involvement will be to have someone spend an orientation meeting with us on the first day, and then for a weekly half-hour meeting to update you with our findings. When deemed necessary or when instructed we will interface with members of your company for clarification prior to contacting a vendor.

What payables do you look at and how are you paid?

We look at all payables. In other words, any item that would cause a cheque to be written except payroll accounts. We are paid after you receive repayment from any of our findings. We are not paid until the client has received funds from our work. You may receive a refund cheque, a credit memo, and invoice deduction from a current invoice, or an offset in goods or services, with your approval.