The Risk Framework: Build Strong AP Internal Controls

1 Credits: Accounting


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The Risk Framework: Build Strong AP Internal Controls

Course Level
CPE Credits

1 Credits: Accounting

Course Description

Before this course, you might see your accounts payable function as just another routine part of your financial operations, potentially overlooking critical internal control weaknesses. After completing this session with Mary Schaeffer, your perspective will shift dramatically. You’ll bridge from understanding the basic functions of AP to mastering the intricacies of internal controls across the entire procure-to-pay process. The course focuses on identifying and reforming controls that no longer work, ensuring your segregation of duties is foolproof, and building a strong internal control framework. You’ll learn to scrutinize and tighten your own processes, address control issues outside the typical AP domain, and introduce practices that significantly boost control strength. This transformative journey will not only enhance your expertise in managing AP functions but also empower you to integrate strong fraud prevention routines, elevating your professional standing and contributing to the financial robustness of your organization.

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Learning Objectives

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

  • Identify controls that no longer work;
  • Ensure your segregation of duties regime doesn’t fail;
  • Create the “building blocks” of a strong internal control master plan
  • Identify best control practices for the entire procure-to-pay process;
  • Evaluate your own processes to identify weak controls that need tightening;
  • Fix the questionable controls so fraud and erroneous payments don’t sneak through;
  • Pinpoint control issues that arise when payments are made outside AP and show you how you can tighten those controls;
  • Introduce practices that are often overlooked but strengthen controls; and
  • Integrate strong fraud prevention routines into standard AP practices.
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Course Specifics

Course ID
Revision Date
December 20, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

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 Headshot

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 …