SOX Internal Controls for Accounts Receivable

Course Description

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. 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 are 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 CPE 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, the department, and the company.

This online continuing education course 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 Auditing CPE webinar covers the 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 

Learning Objectives

• 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.
• To recognize the Credit and Accounts Receivable processes that pose the greatest risk of material misstatement
• To answer the 3 important questions required by Sarbanes-Oxley: 1)Is it accurate? 2)Are you sure? 3)Can you prove it?

Recommended For

• This CPE course is recommended for CPA, CIA, CMA, CEOs, CFOs, Controllers, Risk managers, Internal as well as external auditors involved in the implementation or review of internal controls in the organization.

Who Should Attend?

Webinar Qualifies For

• 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 2 CPE Credit for Internal Audit Practitioner (IAP)
• 2 CPE Credit for Certified Valuation Analyst (CVA)
• 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
• 2 CPE Credit for Certified Management Accountants (CMA)
• 2 CPE Credit for Certified Internal Auditors (CIA)
• 2 CPE Credit for Certified Fraud Examiner (CFE)
• 2 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
• 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 2 CE Credit for Certified Wealth Strategist (CWS)
• 2 General Credit for Accountant/Bookkeeper (ACCT./BK)
• 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
• 2 CPD Credit for Certified Financial Forensics (CFF)
• 2 CPE Credit for Certified Government Auditing Professional (CGAP)
• 2 CPE Credit for Certified Government Financial Manager (CGFM)

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