The Risk Framework: Build Strong AP Internal Controls ON DEMAND

Overview

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.

Highlights

Internal controls in AP functions. The building blocks of creating internal controls. Common ap practices. Segregation of duties. Controls around review and approval process. Periodic review.

Prerequisites

None.

Designed For

Controllers, CPAs, and other accounting professionals.

Objectives

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. Integrate strong fraud prevention routines into standard AP practices.