SOX Internal Controls For Accounts Payable, Receivable & Inventory

  • Accountant
  • CRMA
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Session-1: Does Anyone Care About SOX Anymore?

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. Sarbanes-Oxley Act was enacted after several major accounting scandals in the early 2000s perpetrated by companies such as Enron, Tyco, and WorldCom. However, at times it is felt that only the internal auditor cares about the same. 

Many feel that the task of documenting their company’s Sarbanes-Oxley controls has become routine and downright boring. Though that fact is the 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.

This Online CPE Webinar attempts to show why SOX is one of the most important tools for public company executives, accountants, as well as auditors with the following Key Topics.


This online CPE webinar covers following key topics:

  • What are the key items the SEC will be watching out for - now and into the future?
  • Compliance: the 3 key questions internal auditors still need to answer: 1) Is it accurate? 2) Are you sure? 3) Can you prove it?
  • The Do’s and Don’ts you need to know
  • The benefits of SOX
  • Resources you need to have


Session - 2: SOX Internal Controls for Accounts Receivable

For many companies, Accounts Receivable is the largest or second-largest assets 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. As well, 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.

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.

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 Online Webinar looks at specific issues affecting Credit and Accounts Receivable, Including Credit Risk Management, the adequacy of provisions for Bad Debt, Collection Procedures, dependence on processes outside the credit department, and outside the company.

This session will provide you with the tools you need to establish and maintain strong internal controls in the A/R department that meet Sarbanes-Oxley standards and reduce risk and protect company assets. There will be opportunities for online discussions and questions.

This online CPE webinar covers following key topics:

  • How to establish financial controls for Credit and Accounts Receivable
  • Establishing segregation of duties
  • Setting up cash application controls
  • Structuring bad debt reserves
  • Improving credit policy
  • Introducing collateral controls
  • Developing invoice accuracy
  • 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 


Session - 3: SOX Internal Controls for Accounts Payable

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 session 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 session 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.

This online CPE webinar covers following key topics:

  • 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 


Session - 4:  SOX Internal Controls for Inventory

Inventory, often a company’s largest or second-largest asset has a significant impact on both the balance sheet and the income statement. Easily manipulated, it can be hidden, stolen, or simply forgotten. Effective internal controls keep track of inventory and ensure that its proper value is reflected on the financial statements.

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 session looks at specific issues affecting Inventory, including 

  • Inventory Risk Management,
  • The adequacy of Inventory purchasing and stores management oversight,
  • Dependence on processes outside the Purchasing and Inventory departments and
  • Dependence on processes outside the company.

This CPE Webinar will provide you with the tools you need to establish and maintain strong internal controls in Inventory Management that meet Sarbanes-Oxley standards and reduce risk and protect company assets. 

This online CPE webinar covers following key topics:

  • Accountability
  • Risk of manipulation
  • Purchasing
  • Obsolescence
  • Valuation
  • Inventory returns
  • “Channel Stuffing”
  • Physical counts
  • Inter-company transactions
  • Inventory sent to outside processors
  • Inventory as collateral


This online CPE webinar is suitable for CPAs, CMAs, CIAs and Professionals or staff engaged in design, review or implementation of Internal Controls function of their company.

Learning Objectives

  • To be acquainted with the latest information on SOX regulation and investigation regarding SOX compliance
  • To identify the ongoing procedures you need to follow to remain SOX compliant
  • To recognize the penalties set out by the Act
  • To establish, maintain, and improve Accounts Receivable controls that comply with Sarbanes-Oxley.
  • To identify the responsibilities and duties of Credit Professionals so that they can be confident that their Credit and Accounts Receivable processes are Sarbanes-Oxley compliant.

Recommended For

  • Professionals new to evaluating the design and implementation of internal control

Who Should Attend?

  • Accounting and audit managers/practitioners
  • Auditors
  • Certified Fraud Examiner
  • Certified Management Accountant (CMA)
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Fraud & Forensic Auditor
  • Fraud Analyst
  • Fraud Examiner
  • Fraud Investigator
  • Risk Managers
  • Tax Accountant (Industry)
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 8 CRE Credit for Certified Financial Examiner (CFE)
  • 8 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 8 CPE Credit for Certified Management Accountants (CMA)
  • 8 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Internal Audit Practitioner (IAP)
  • 8 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    Knowledge Of SOX Internal Control And Its Implications
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

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.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.2

35 Ratings

Excellent

11

Very Good

20

Average

3

Poor

1

Terrible

0

RH

Robert Haske, CPA (US)

Feb 3rd, 2022

Good overall

SOX Internal Controls For Accounts Payable, Receivable & Inventory

PREMIUM

8 Credits

Subject Area

Auditing

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