By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's attractiveness because the optimal authority on debts payable. She offers nice element on all elements of the payables platforms had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, most effective facts prone
"Mary Schaeffer has performed it back! America's such a lot complete money owed payable specialist has written one other authoritative and accomplished paintings. This time she takes objective at inner controls and the Sarbanes-Oxley Act as they influence the payables functionality. even if you're required to conform with the Act, this publication can help you meet the demanding situations dealing with pros who call for powerful and effective controls either now and sooner or later. This ebook is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration providers, Inc.
"There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got noticeable that gives debts payable departments with a video game plan, either from a mile-high and an in-the-trenches perspective. whether you're not interested in SOX, this advisor offers the foundational keep an eye on framework and top practices for any debts payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C
"Mary Schaeffer's ebook offers in actual fact written assistance at the motives, effects, and top practices for bills payables inner controls. each accounting, auditing, and data expertise expert who bargains with money owed payable will locate a few precious feedback during this book."
—Dr. Will Yancey, CPA, autonomous consultant
"If you just learn one booklet at the tasks and obligations of the money owed payable representative-make it this one. Ms. Schaeffer is basically exceptional at explaining the impression the Sarbanes-Oxley Act may have at the association and its money owed payable strategies. no matter if you're a professional bills payable consultant or simply new to the placement, this ebook might help you to turn into firmly grounded on your skill to accomplish your function within the debts payable department."
—Jerry W. Michael, President, IRSCompliance.org
The debts payable blueprint to turning into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all enterprises, whether they're publicly traded or now not. powerful inner controls and segregation of tasks should still develop into a typical frame of mind instead of whatever required by means of legislation. Accounts Payable and Sarbanes-Oxley presents a entire review of the Act and lays out the required guidance that have an effect on debts payable to make sure compliance within the bills payable department.
Read Online or Download Accounts payable and Sarbanes-Oxley : strengthening your internal controls PDF
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Extra info for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
One example is negative assurance. Approvers are notified of an invoice but not required to take any action unless they did not order the goods in question, hence the negative connotation in the nomenclature. While these approaches are probably good from a work flow standpoint, they do open the door for potential smalldollar fraud, if care is not taken. Thus, while it makes sense from an operational standpoint to implement these processes, extreme care must be taken to ensure that the appropriate controls are put in at the same time.
Any time fraud is uncovered, in all likelihood, you will also discover a weak link––an area where internal controls need to be adjusted. Documenta42 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 43 Invoice Processing tion and flowcharting will help you zero in on those areas. In accounts payable, you are likely to run into three types of fraud: 1. Check fraud 2. Employee fraud 3. Supplier fraud Check fraud will be discussed in Chapter 4, where all check issues are thoroughly evaluated. Supplier fraud typically involves an unscrupulous vendor sending in invoices for goods never ordered.
Risk Response. Management selects risk responses–– avoiding, accepting, reducing, or sharing risk––developing a set of actions to align risks with the entity’s risk tolerances and risk appetite. Control Activities. Policies and procedures are established and implemented to help ensure that risk responses are effectively carried out. Information and Communication. Relevant information is identified, captured, and communicated in a form and time frame that enable people to carry out their responsibilities.
Accounts payable and Sarbanes-Oxley : strengthening your internal controls by Mary S. Schaeffer