Strong internal controls are essential for any effective accounts payable function. Without them, fraud is easier to commit, duplicate payments increase, and cost-effectiveness is sacrificed. This course presents information you can use to identify control problems and implement strong controls. Industry expert Mary Schaeffer shows auditors, controllers, and managers where control issues are likely to occur, how to strengthen controls, and best practices for an effective accounts payable function.
Please note that the information covered in this course is also covered in Creating an Accounts Payable Policy and Procedures Manual, Vendor Issues in Accounts Payable, and Best Practices for Accounts Payable.
Upon successful completion of this course, participants will be able to:
- Detect problems likely to occur as a result of weak controls.
- Identify the regulatory consequences of poor or ineffective controls.
- Identify accounts payable practices that weaken controls.
- Pinpoint problems likely to occur if strong controls are not used in accounts payable.
- Delineate problems created when segregation of duties are not set up correctly.
- Identify issues that arise due to poor internal controls.
- Identify the relationship between fraud and poor internal controls.
- Identify weak control practices that enable duplicate payments.
- Identify places where internal controls commonly breakdown in accounts payable.
- Cite how an accounts payable policy and procedures manual strengthens controls.
- Identify places where purchase orders cause control problems.
- Identify how best invoice control practices improve the processing function.
- Cite how control issues can fail during the month-end and year-end close.
- Cite proper controls regarding the check production process.
- Identify controls related to check request forms.
- Identify controls that should be incorporated into every corporate procurement program.
- Cite best control practices related to electronic payments.
- Cite how controls around the master vendor file prevent fraud and help the bottom line.
- Identify how to control expense reimbursement fraud.
- Cite why it is important to have a policy regarding employees using personal devices for work.
- Identify how to check for bribery into the accounts payable department.
- Identify control problems created when employees share passwords.
- Cite the importance of eliminating petty cash boxes.
- Identify issues created by super users of ERP systems.
- Identify how a good policy and procedures manual can strengthen internal controls.
- Cite how updating the policy and procedures manual on a regular basis strengthens internal controls.
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