Internal Controls in Accounts Payable FLEXCAST

Overview

The absence of strong internal controls in accounts payable can lead to increased fraud risk, duplicate payments, and inefficiency, posing a significant problem for any organization. This course agitates these issues by highlighting the various control challenges faced in accounts payable, from regulatory consequences to the breakdown of controls at crucial stages. The solution offered is a comprehensive guide by industry expert Mary Schaeffer, who provides insights on detecting control problems and implementing effective measures. Participants will learn how to identify weak points in their existing systems and the best practices to strengthen their accounts payable functions. The course covers everything from policy manuals and segregation of duties to tackling fraud and electronic payment controls, ensuring a holistic approach to enhancing accounts payable controls.

Highlights

Why internal controls matter. The basics of internal controls: the theory. The basics of internal controls: in practice. Fraud prevention controls and practices. Duplicate payments and their relationship with poor internal controls, and more.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Detect problems likely to occur as a result of weak controls. Identify the regulatory consequences of poor or ineffective controls. Identify accounts payable practices that weaken controls. Pinpoint problems likely to occur if strong controls are not used in accounts payable. Delineate problems created when segregation of duties are not set up correctly, and more.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.