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A C C O U N T S Issue 6 P A Y A B L E B E S T P R A C T I C E S LEARNING PRO AP Edition August 14, 2012, IN THIS ISSUE Suppliers/ACH Page 1 Segregation of Duties Page 2 Fraud Prevention Page 2 AP
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What is p r a c?
PRAC stands for Product Review and Compliance.
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Manufacturers, distributors, and retailers of products subject to regulation are required to file PRAC.
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The purpose of PRAC is to ensure that products comply with regulations and meet safety standards before they are sold.
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PRAC requires information such as product details, testing results, and compliance documentation.
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