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SOX Internal Controls For Accounts Payable, Accounts Receivable, And Inventory

  • ACCT/BK
  • CIA
  • CMA
  • CPA (US)
  • MAFF
  • CFIRS
  • CWS

Published: December, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Quick review of the original reasons for the act
    18 mins
  • The public company accounting oversight board
    50 mins
  • White-collar crime penalties
    85 mins
  • Supplier payments
    132 mins
  • Payment risk controls
    182 mins
  • CEO and CFO Must Certify
    214 mins
  • Bad Debt Allowances
    250 mins
  • Sarbanes-Oxley Act of 2002
    289 mins
  • Physical counts
    348 mins

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 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.

Major Topics Covered:

  • 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

The attendees will have the chance to know the latest updates in the act, compliance requirements, and how to apply effective internal control. 

Session 2 - 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 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 

Session 3 - 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 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 the 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/R department that meet Sarbanes-Oxley standards and reduce risk and protect company assets. There will be opportunities for online discussions and questions.

Major Topics Covered:

  • 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 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 webinar 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 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. 

Major Topics Covered:

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

The webinar will provide opportunities for discussion on the subject queries.

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 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 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 develop customized tools for establishing and maintaining strong internal controls that meet Sarbanes-Oxley standards by reducing risk and protecting company assets
  • To raise your awareness of fraud issues and examining processes to mitigate the risk associated with Inventory Management to comply with SOX
  • To identify the positive impact on both the Balance Sheet and the Income Statement that effective controls can have
  • To answer the 3 important questions required by Sarbanes-Oxley: Is it accurate? Are you sure? Can you prove it?

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPE Credit for Master Analyst In Financial Forensics (MAFF)
  • 8 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Certified Management Accountants (CMA)
  • 8 CPE Credit for Certified Internal Auditors (CIA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

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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

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Ratings and Review

4.3

154 Ratings

Excellent

72

Very Good

58

Average

22

Poor

2

Terrible

0

MF

Michael Ferguson, CPA (US)

Mar 1st, 2022

all good

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

IB

Ignacio Bravo, CPA (US)

Dec 31st, 2021

.

JCC

James Curry Curry, CPA (US)

Dec 30th, 2021

I WAS PLEASED WITHE THE INFORMATION AND DELIVERY AND THOUROUGHNESS

AC

Ashley Crutchfield, CPA (US)

Apr 19th, 2022

The topic is interesting. Delivery was a bit mundane. Also, this appears to be several different presentation strung together into one. The issue with that is multiple times during this webinar, the presenter presented himself and discussed the history of the Sarbanes Oxley name, which was redundant. Also, quiz questions are poorly written and hard to decipher.

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