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SOX Internal Controls For Accounts Payable, Receivable & Inventory

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

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:

  • 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't you need to know
  • The benefits of SOX, resources you need to have, safeguarding inventory purchasing, and examining supplier payments
  • Reviewing risks associated with payroll & taxes, and knowing best practices and types of approvals
  • Reviewing repetitive processes
  • Verifying accruals, assessing currency issues, building and using audit trails, reviewing the approval process
  • Examining the role of IT systems 
  • Techniques for testing Credit and Accounts Receivable controls 
  • Documentation requirements specific to Credit and Accounts Receivable, how to establish financial controls, introduce collateral controls, develop invoice accuracy, review the approval process, examine the role of IT systems, integrate SOX into daily routines
  • Techniques for testing Credit and Accounts Receivable controls 
  • Other important topics covered include accountability, risk of manipulation, valuation, inventory returns, “Channel Stuffing”, inventory sent to outside processors, inventory as collateral

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.

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

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

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Assistant Controllers
  • Auditors
  • Business Owner
  • CEO
  • Certified Fraud Examiner
  • Certified Management Accountant (CMA)
  • Certified Valuation Analysts
  • CFO/Controller
  • Chief Accounting Officer
  • Compliance Managers
  • Compliance Officers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Finance Director
  • Risk Managers
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 8 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 8 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Internal Audit Practitioner (IAP)
  • 8 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 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/Bookkeeper/Tax Professionals
  • 8 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 8 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 8 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 8 CPE Credit for Certified Government Financial Manager (CGFM)
  • 8 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

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.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • 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.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • 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.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

236 Ratings

Excellent

102

Very Good

100

Average

30

Poor

4

Terrible

0

AS

Amy Salentine, CPA (US)

Dec 13th, 2021

Disappointed with my-cpe technical issues

SM

Sarah Manning, Accountant, CPA (US)

Dec 24th, 2021

Great refresher with clear information

MF

Michael Ferguson, CPA (US)

Mar 1st, 2022

all good

MF

Marc Feifer, CPA (US)

Jun 12th, 2022

I would love to give this course a 5 star rating but it was so long and very repetitive. All of the courses that are more than 2 or 3 credits seem to be compilations of multiple related sessions on a particular topic that are just so repetitive. I had to listen and go through the presentation for 6 hours only to do the final exam where literally all of the answers to the questions were "all of the above".

FSF

Frances Serrano Fontanes, CPA (US)

Apr 20th, 2022

The answers from the quiz were a bit to obvious and predictable when all of the above was available as an option

SOX Internal Controls For Accounts Payable, Receivable & Inventory

PREMIUM

8 Credits

Subject Area

Auditing

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