Vendor Due Diligence: Verifying New Vendor Legitimacy

November 7, 2014

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As a company was going through a Sarbanes-Oxley-driven internal review, the question of vendor verification came up. The accounts payable (AP) manager noted that, like many AP departments, it requires a W-9 from a vendor in order to set them up. While requiring a W-9 for setup is certainly a tax-compliance best practice, the auditors pointed out that anyone can complete and fax a W-9, including a fraudulent vendor. Beyond requiring a W-9, what else can be done to validate a new vendor? While…

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