When it comes to fraud prevention, strong internal controls are front and center. They provide the very groundwork for fraud deterrence and prevention. And, they are an integral part of every effective accounts payable function. What is surprising is that even though most organizations know what these practices are, they often choose to take shortcuts and ignore some of them. What's more, they don't stay constant, unfortunately. So, this means that internal controls need to be reviewed on a periodic basis.
In this course, industry expert Mary Schaeffer take a look at established internal control best practices that are frequently ignored, some new best control practices as well as control practices that relate to the master vendor file.
Upon successful completion
of this course, participants will be able to:
§Identify new control practices that will help stop fraud in accounts payable.
§Pinpoint problems likely to occur if strong control practices in AP are ignored.
§Delineate problems created by new types of fraud focused on the master vendor file.
§Reveal internal control practices for the master vendor file every firm should use to deter fraud.
§Show how poor controls make fraud more likely.
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