Self-Study
3
Overview
Accounting
There are no prerequisites.

Course Description

Vendor issues in an accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, improper data entry, and the lack of rigid internal controls all can result in fraud and duplicate payments. And addressing these issues is not as easy as you might think. There are numerous details that, if ignored, can negatively impact the bottom line. Industry expert Mary Schaeffer reveals common problems and provides strategies that every organization should implement to minimize, if not eliminate, the impact of vendor issues.

Please note that the information covered in this course is also covered in Creating an Accounts Payable Policy and Procedures Manual, Internal Controls in Accounts Payable, and Best Practices for Accounts Payable.



Instructor

Mary S. Schaeffer, MBA

Mary S. Schaeffer, MBA, has the inimitable ability to find accounts-payable-related solutions that really work—without making a major dent in the bottom line. Armed with a degree in math and a graduate degree in finance, she takes a “roll up your sleeves and dig into the details” approach to finding solutions to those problems that cause migraines for CFOs, controllers, and managers.

Fifteen years spent researching and writing about payment issues gives Mary a unique vantage point. Combine that with an almost equal amount of time spent in the corporate trenches of several large finance and treasury departments, and you’ll understand why she’s become known as America’s leading accounts payable expert.

A wide variety of institutions have taken advantage of her unique expertise: John Wiley & Sons has published over a dozen of her books; CRYSTALLUS, Inc. relies on her know-how to direct its professional publication, training, and consulting business; and the Institute of Financial Operations (IFO) turned to her to serve as its editor-in-chief, steering cutting-edge commentary into its Financial Ops magazine. She also developed the IFO’s Innovating Accounts Payable certificate program.

Mary shares her expertise in a variety of venues, giving 1-day seminars, as a guest speaker at regional and national events, and online in 25–30 webinars each year. For Western CPE, she produces self-study courses and webcasts.

She has a BS in mathematics from York College (CUNY) and an MBA in finance from New York University.



Course Specifics

Accounting
Jan 11, 2018
There are no prerequisites.
SS1133371
76
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify issues related to vendor activity in accounts payable.
  • Indicate problems that are likely to occur when vendor issues are not addressed in accounts payable.

Chapter 2

  • Cite the impact of current event changes into the ongoing accounts payable practices.
  • Identify problems likely to occur if the potential for fraud is ignored in accounts payable.

Chapter 3

  • Identify issues related to proper and improper segregation of duties as they relate to the master vendor file.
  • Cite issues of ownership related to the master vendor file.
  • Cite controls needed around the master vendor file.

Chapter 4

  • Identify where problems occur when data entry isn't handled using a rigid coding standard.
  • Cite reasons for the necessity of a regular cleansing of the master vendor file.
  • Identify how to use the IRS TIN Matching program in the vendor setup routines.

Chapter 5

  • Cite problems created when vendor contact information is not collected and/or updated.
  • Identify problems created when vendor credits are not identified and recovered on a regular basis.

Chapter 6

  • Identify how to create best practice routines to set up new vendors.
  • Cite problems that may occur if new vendors are not verified before being set up in the master vendor file.

Chapter 7

  • Identify how to create procedures to collect information needed to evaluate critical vendors.
  • Identify where responsibility for evaluating critical vendors should lie.

Chapter 8

  • Identify ways to improve vendor relations.

Chapter 9

  • Identify clues that will help identify potentially fraudulent invoices.
  • Identify how to implement best practices that will help weed out fraudulent invoices.
  • Identify master vendor file issues related to one-time vendors.


Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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