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Committee questions ARM's AP policy after months‑long payment lags
Summary
The audit committee reviewed ARM's accounts‑payable policy and found it did not explain frequent long payment lags shown in the disbursement tables; members asked for aged payable listings and clearer monthly reporting.
Auditors included ARM’s accounts‑payable policy text in the draft in response to committee requests. Committee members said the policy description did not explain the long delays between invoice date and payment shown in the report (some items exceeding 45 days and others reportedly outstanding for many months), and they asked for an aged payables listing in monthly reporting that includes invoice dates so the committee can see which payables are significantly overdue.
Members noted the policy language read more like guidance than a day‑to‑day process and urged management to provide process documentation showing how payables are tracked and prioritized. The auditors said they recorded the policy as provided and recommended the committee request monthly aging reports and invoice dates to improve oversight.
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