SOX INTERNAL CONTROLS FOR ACCOUNTS PAYABLE

3.6 (10)

Michel Morley

Mike Morley

  • CIA
  • CMA
  • CPA

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Before starting this self study program, please go through the instructional document.

Overview

  • Enron: The destruction of investor confidence
    8 mins
  • CEO and CFO must certify
    15 mins
  • Inventory purchasing
    23 mins
  • Payroll
    41 mins
  • Taxes
    45 mins
  • Approvals
    52 mins
  • Intercompany payments
    61 mins
  • Currency
    72 mins
  • Audit trails
    80 mins
  • Example of 302 certification
    91 mins

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?

  • Bookkeeper
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • Accounting Practice Owners
  • Senior Accountant
  • Accounts Director
  • Cloud Accountants
  • Chief Accounting Officer
  • Entrepreneurial Accountant
  • Accounting Managers
  • Staff of Accounting Firm
  • Certified Public Accountant
  • Chartered Professional Accountant
  • Bookkeepers & Accountants & Tax Preparers

Testimonial

3.6

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