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SOX Internal Controls For Accounts Payable

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

The topic is also scheduled as live webinar on the following dates

Oct 28, 2021 | 12:30 PM EDT Register

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?

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

Testimonial

4.5

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CM

The knowledge that Michael brings to the table is astounding. After having attended this webinar, I am convinced about the person I am going to turn to for my training. Thank you Michael and myCPE for this wonderful webinar.

BG

Having an attentive and engaging presenter is always an added bonus while attending webinars. The presenter stayed on the subject while covering a number of related subject points. Well thought-out polling questions checked my learning. Thank you Michael.

GG

Not one dull moment in the entire webinar. The presenter was very thorough with the subject. He succeeded in simplifying complicated subjects and that was the best part. Thank you myCPE.

CB

The course is very well organized and laid out. The cherry on top is the sheer skills that Michael possesses. From delving deep into the topics to explaining them in an easy to follow way, the webinar was a perfect balance. Thank you myCPE and Michael.

EV

A very well packaged webinar with tons of information all consolidated and presented in a easy to follow way. Highly recommended.

JB

A very interactive webinar by Michael. The info provided by him is going to be very helpful for me in furthering my career. Thank you myCPE and Michael.