Course Description
Setting up controls for the purchasing and payment processes and analyzing
the risk to the financial statements can be a daunting task. Since most
companies have to purchase many different items every day, there is a real
potential for fraud.
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.
This webinar looks at specific issues affecting Accounts Payable, including
Payables Risk Management, the adequacy of payment oversight, dependence on
processes outside the Payables department, and outside the company.
This webinar will provide you with the tools you need to establish and
maintain strong internal controls in the A/P department that meet Sarbanes-Oxley
standards and reduce risk and protect company assets. There will be
opportunities for online discussion and questions.
Major Topics Covered:
- Safeguarding inventory purchasing
- Examining supplier payments
- Reviewing risks associated with payroll and taxes
- Know best practices and types of approvals
- Reviewing repetitive processes
- Understanding the dangers inherent in inter-company payments
- Verifying accruals
- Assess currency issues
- Building and using audit trails
- Review the approval process
- Examining the role of IT systems
- Integrating SOX into daily routines
- Techniques for testing Credit and Accounts Receivable controls
- Documentation requirements specific to Credit and Accounts Receivable
Learning Objectives
- To recognize setting up efficient controls for the purchasing process and analyzing the risk to the financial statements
- To explore the tools you need to establish and maintain strong internal controls that meet Sarbanes-Oxley standards by reducing risk and protecting company assets
- To raise awareness of fraud issues in Accounts Payable and examining processes to mitigate the risk associated with Accounts Payable to comply with SOX.
- To answer the 3 important questions required by Sarbanes-Oxley: 1) Is it accurate? 2) Are you sure? 3) Can you prove it?
Who Should Attend?
- Accountant
- Accounting Firm
- Accounting Managers
- Accounting Practice Owners
- Accounts Director
- Bookkeeper
- Bookkeepers & Accountants & Tax Preparers
- Certified Public Accountant (CPA)
- Chartered Professional Accountant
- Chief Accounting Officer
- Cloud Accountants
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- CPA in Business
- Entrepreneurial Accountant
- Senior Accountant
- Staff of Accounting Firm
- Young CPA
