Strong internal controls are key to any effective accounts payable function. Without such controls, fraud is easier to commit, duplicate payments increase and the function is not cost-effective. This course presents information the professional 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 a control-effective accounts payable function.
Learning Objectives
- Identify really bad accounts payable practices that weaken controls
- Pinpoint problems likely to occur if strong controls are not used in AP
- Delineate problems created when segregation of duties is not set up correctly
- Demonstrate the interaction between fraud and internal controls
- Reveal internal control practices every firm should use to deter fraud
- Identify weak control practices that don’t curtail duplicate payments
- Show how poor controls make duplicate payments more likely
- Pinpoint places where internal controls most commonly breakdown in the accounts payable function
- Locate places where purchase orders cause control problems
- Identify common purchase order problems and solutions to fix them
- Establish how best invoice control practices improve processing
- Recognize invoice automation control issues as they arise
- Be aware of how control issues can fall apart in the accounts payable function in the month-end and year-end close
- Implement the proper controls around the check production process
- Demonstrate why signature stamps represent poor control and can cause your organization big problems
- Identify poor controls related to check request forms
- Identify controls that should be incorporated into every corporate procurement program
- Reveal best fraud control strategies for your p-card program
- Show how uniform enforcement of the travel policy minimizes game playing on the part of employees
- Demonstrate the importance of having a policy regarding employees using personal devices for work
- Show how employees disguise bribes to foreign government officials
- Identify issues created by Super Users of ERP systems
- Shows how a good policy & procedures manual can strengthen internal controls