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.

WHY SHOULD YOU ATTEND?

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.

AREA COVERED

• 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

LEARNING OBJECTIVES

• 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

WHO WILL BENEFIT?

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