Audit-Ready Expense Records: What Auditors Ask For
Audit preparation is often a scramble: finding bills, matching approvals, explaining payments from months ago. The scramble goes away if the evidence is kept at the time of each payment.
What auditors usually want for each payment
- Who paid and who approved
- The date and the amount
- What it was for
- The bill or invoice
- The policy or limit it was checked against
Keep it as you go
Capture the bill at payment, tag the purpose, and record the approval in the same place. A payment with all five items is ready for audit on the day it is made.
Check it yourself
Once a quarter, pick a random sample of payments and see if you could answer all five questions from the record alone.
How OmniCard fits
On OmniCard every payment carries who paid, where, what for, the bill and the policy it was checked against, which makes the record audit-ready. OmniCard holds ISO/IEC 27001, PCI DSS and SOC 2 Type II certifications, and payment data is stored in India.
Related: Employee expense policy template
Keep reading
Payment Platform Security: What ISO 27001, PCI DSS and SOC 2 Tell You
Designing Expense Approval Workflows That Do Not Slow Teams Down
Expense Management for Non-Profits and Trusts
Expense Policy for Field Sales Teams
Forecasting Budget Overruns: Spotting Expense Spikes Early
