1 Credits: Accounting
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; and
- Cite the segregation of duties requirements for the accounts payable function to be included in the policy and procedures manual.
October 25, 2022
There are no prerequisites.
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
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 …