SOX Internal Controls For Accounts Payable, Accounts Receivable, And Inventory 8 Credits
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The Sarbanes-Oxley Act of 2002, popularly known as SOX or ‘Sarbox’, is a U.S. law meant to protect investors from fraudulent accounting activities by corporations. SOX documentation process is one of the best ways for CFOs and CEOs to be comfortable in signing off documents that make them personally and criminally responsible for the accuracy and reliability of their public company's financial statements and the effectiveness of financial controls. The Sarbanes-Oxley Act of 2002 makes company executives of publicly traded US companies personally and criminally responsible for the accuracy and reliability of the financial disclosures of their companies. They are required to sign reports that attest to the effectiveness of their companies’ internal controls, including foreign subsidiaries.
However, the documentation process following SOX has become routine and downright boring from a perspective. This online CPE course will provide a chance to know the latest updates in the act, compliance requirements, and how to apply effective internal controls.
Setting up the controls for purchasing and payment process to optimize the risk to the financial statements can be a daunting task. As most companies have to purchase various items every day, there is a real potential for fraud. Sarbanes-Oxley Act ensures that proper attention is provided to the issues affecting Accounts payable including Payables Risk Management, the adequacy of payment oversight, dependence on processes outside the Payables department, and outside the company by proper authority. This webinar will provide you with the tools you need to establish and maintain strong internal controls in the Accounts Payable department that meets Sarbanes-Oxley standards and reduce risk and protect company assets. There will be opportunities for online discussion and questions.
For many companies, Accounts Receivable is the largest or second-largest asset on the balance sheet. This means that any weakness in the financial controls for A/R could have a serious impact on the company’s financial statements. Since Accounts Receivable departments interact with almost every other department in the company, weak controls in A/R can lead to increased risk in other areas. Many of these executives are "pushing down" the signoff of reports that attest to the effectiveness of their companies’ internal controls, including foreign subsidiaries. Credit professionals need to understand their responsibilities under the Act before they sign off on the effectiveness of the financial controls in their department. This webinar looks at specific issues affecting Credit and Accounts Receivable, Including Credit Risk Management, the adequacy of provisions for Bad Debt, Collection Procedures, and dependence on processes outside the credit department, and outside the company.
Inventory is often an important asset of a company, playing a significant impact on the balance sheet and income statement. It is easily manipulated, hidden, stolen, or forgotten. Effective internal controls and keeping a track of the inventory items ensure that their proper value is reflected on the financial statements. SOX provides the tools to establish and maintain strong internal controls in inventory management that helps in reducing the risk and protecting the company inventory.
This online CPE Webinar on Auditing covers the following Key topics:
The webinar will provide opportunities for discussion on the subject queries with the learned speaker Michel Morley. With years of experience in finance including SOX and IFRS implementation, he is one of the best to explore the subject with.
If you are interested in exploring Sarbanes-Oxley Act, you may be interested in Certified Sarbanes-Oxley Specialist Course.
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Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.
An entertaining and informative speaker and trainer, Mike is the author of:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
RO
This was a great review of IC for three primary areas of all businesses. I will be using the notes and handouts in my operating practice.
GK
I liked the use of real world examples to better understand the issues
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