Effective policies and procedures in the accounts payable function are critical for any organization wishing to eliminate duplicate payments, prevent and detect fraud, improve cost effectiveness, and maintain regulatory compliance. The first step in that battle is having a current, detailed policy and procedures manual. This course will help you create an effective manual that documents the organization's policies and procedures and can be used as a reference and training guide. Industry expert Mary Schaeffer shows auditors, controllers, and managers how to create such a manual when none exists. She also includes an outline for a sample policy and a checklist that can be used to assess current policies and procedures.
Please note that the information covered in this course is also covered in Internal Controls in Accounts Payable, Vendor Issues in Accounts Payable, and Best Practices for Accounts Payable.
Upon successful completion of this course, participants will be able to:
- Identify best practices for creating an accounts payable policy and procedures manual.
- Cite how an accounts payable policy and procedures manual strengthens controls.
- List what should and should not be included in the manual.
- Cite the segregation of duties requirements for the accounts payable function to be included in the policy and procedures manual.
Table of Contents
The Role an Accounts Payable Policy and Procedures Manual Plays
Why a Policy and Procedures Manual Is Needed
What If You Don’t Have One?
The Policy and Procedures Manual from a Control Standpoint
The Policy and Procedures Manual: An Ongoing Project
Including a Flowchart Is Not a Bad Idea
Creating the Manual
No Policy and Procedures Manual? Three Ways to Get Started
Keeping It Updated
A Straightforward Plan to Update the Accounts Payable Policy & Procedures Manual
No Shortcuts Available
Tips for Creating a User-Friendly Accounts Payable Policy and Procedures Manual
Using the Manual
Getting a Manual Produced Quickly
Help from the Manual
The Segregation of Duties Issue
Don’t Overlook Segregation of Duties Requirements
Segregation of Duties: How Much Access Do Your Employees Really Have?
The Potential Scenario
Six Common Procedures That Enable Internal Check Fraud: Fix Them with Your Policy
Reviewing and Updating Your Policy and Procedures
Updating Your Accounts Payable Policy and Procedures Manual
Five Often-Overlooked Practices That Should Be Incorporated into Your Policies
Review Question Answers and Rationales
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