Internal Controls in Accounts Payable ON DEMAND

Overview

Strong internal controls are essential for any effective accounts payable function. Without them, fraud is easier to commit, duplicate payments increase, and cost-effectiveness is sacrificed. This course presents information you can use to identify control problems and implement strong controls. Industry expert Mary Schaeffer shows auditors, controllers, and managers where control issues are likely to occur, how to strengthen controls, and best practices for an effective accounts payable function.

Highlights

Why Internal Controls Matter. The Basics of Internal Controls - The Theory. The Basics of Internal Controls - In Practice. Fraud Prevention Controls and Practices. Duplicate Payments and Their Relationship with Poor Internal Controls. Where Internal Controls Breakdown. Purchase Orders and Their Role in Internal Controls. Invoice Processing - The Core of the Accounts Payable Function. Invoice-Related Control Issues. When Paying by Check - The Internal Control Migraine. Check Related Control Issues. Corporate Procurement Cards - An Alternative to Paper Checks. Electronic Payment Alternatives - A Better Payment Approach. Master Vendor File - Where It All Begins. The Travel and Entertainment Component Expense Reimbursements. Computers, Tablets, and Smartphones - The Often-Overlooked Control Component. Controls to Prevent the Bribing of Foreign Government Officials. Other Issues That Present Control Concerns. Policy and Procedures Manual - Tying It All Together.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Detect problems likely to occur as a result of weak controls. Identify the regulatory consequences of poor or ineffective controls. Identify accounts payable practices that weaken controls. Pinpoint problems likely to occur if strong controls are not used in accounts payable. Delineate problems created when segregation of duties are not set up correctly. Identify issues that arise due to poor internal controls. Identify the relationship between fraud and poor internal controls. Identify weak control practices that enable duplicate payments, and more.