Internal Controls in Accounts Payable ON DEMAND

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 examines 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 in this course 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. Fraud prevention controls and practices. Duplicate payments and their relationship with poor internal controls. Where internal controls breakdown. Purchase orders and their role in internal controls. Invoice processing, 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. Identify issues that arise due to poor internal controls. Identify the relationship between fraud and poor internal controls. Identify weak control practices that enable duplicate payments. Identify places where internal controls commonly breakdown in accounts payable. Cite how an accounts payable policy and procedures manual strengthens controls. Identify places where purchase orders cause control problems. Identify how best invoice control practices improve the processing function, and more.