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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
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;
Cite how control issues can fail during the month-end and year-end close;
Cite proper controls regarding the check production process;
Identify controls related to check request forms;
Identify controls that should be incorporated into every corporate procurement program;
Cite best control practices related to electronic payments;
Cite how controls around the master vendor file prevent fraud and help the bottom line;
Identify how to control expense reimbursement fraud;
Cite why it is important to have a policy regarding employees using personal devices for work;
Identify how to check for bribery into the accounts payable department;
Identify control problems created when employees share passwords;
Cite the importance of eliminating petty cash boxes;
Identify issues created by super users of ERP systems;
Identify how a good policy and procedures manual can strengthen internal controls; and
Cite how updating the policy and procedures manual on a regular basis strengthens internal controls.
Major Topics
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
Where Internal Controls Breakdown
Purchase Orders & Their Role in Internal Controls
Invoice Processing: The Core of the Accounts Payable Function
Invoice-Related Control Issues
When Paying by Check: The Internal Control Migraine
Check Related Control Issues
Corporate Procurement Cards: An Alternative to Paper Checks
Electronic Payment Alternatives: A Better Payment Approach
Master Vendor File: Where It All Begins
The Travel and Entertainment Component: Expense Reimbursements
Computers, Tablets, and Smartphones: The Often-Overlooked Control Component
Controls to Prevent the Bribing of Foreign Government Officials
Other Issues That Present Control Concerns
Policy and Procedures Manual: Tying It All Together
