Sarbanes -Oxley Internal Controls For Accounts Payable

Setting up controls for the purchasing process and analyzing the risk to the financial statements can be a daunting task. Since a large company purchases many different items every day, there is a real potential for fraud. So exactly how do you set up effective controls that will catch things when they don’t go quite right? How do you set up controls so that you will be notified when you should be and will not bother you when the items are irrelevant? It takes strategic planning that involves intimate knowledge of operations. Come hear how to set up a great plan that uses internals controls that work.

• Review the main areas of risk in accounts payable
• Look at what could go wrong in each area
• Propose solutions to mitigate the risk associated with each Accounts Payable process
• Examine the role of IT in establishing and maintaining internal controls
• Staff training and continuous controls process improvement
• Ensure compliance with Sarbanes-Oxley

• Safeguarding inventory purchasing
• Examining supplier payments
• Reviewing risks associated with payroll and taxes
• Know best practices and types of approvals
• Reviewing repetitive processes
• Understanding the dangers inherent in inter-company payments
• Verifying accruals
• Assess currency issues
• Building and using audit trails

This session will provide you with the tools you need to establish and maintain strong, yet practical, internal controls for Accounts Payable that meet Sarbanes-Oxley standards by reducing risk and protecting company assets.

• CEO/CFO
• Board members
• External auditors
• Compliance professionals
• Operational professionals
• Finance professionals
• Internal auditors

Mike Morley is a Certified Public Accountant who holds the top credit designations in the US, and Canada. Mike is a recognized authority in the field of finance with more than 25 years’ experience in both consumer and commercial credit and collections. An entertaining and informative speaker and trainer, Mike is the author of:

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

 “IFRS Simplified”, which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.