The Risk Framework: Build Strong AP Internal Controls FLEXCAST

Overview

You can’t have best practices in accounts payable without strong internal controls. They are an integral part. They are also very easy to overlook. While most executives are savvy enough to realize they need to be concerned about payment fraud, not everyone realizes they can also experience losses if they don’t have the proper controls around all aspects of their AP function. Duplicate and erroneous payments, audit issues and lost vendor credits all have a deleterious bottom line impact. Control problems can creep into the procure-to-pay at almost any point in the process. Mary Schaeffer, your presenter for this course, will show you how to take advantage of instilling controls across the entire accounts payable spectrum.

Highlights

How to take advantage of instilling controls across the entire accounts payable spectrum.

Prerequisites

None.

Designed For

CPAs and other accounting professionals.

Objectives

Identify controls that no longer work. Ensure your segregation of duties regime doesn’t fail. Create the “building blocks” of a strong internal control master plan. Identify best control practices for the entire procure-to-pay process. Evaluate your own processes to identify weak controls that need tightening. Fix the questionable controls so fraud and erroneous payments don’t sneak through. Pinpoint control issues that arise when payments are made outside AP and show you how you can tighten those controls. Introduce practices that are often overlooked but strengthen controls. Integrate strong fraud prevention routines into standard AP practices.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.