Before this course, you might see your accounts payable function as just another routine part of your financial operations, potentially overlooking critical internal control weaknesses. After completing this session with Mary Schaeffer, your perspective will shift dramatically. You'll bridge from understanding the basic functions of AP to mastering the intricacies of internal controls across the entire procure-to-pay process. The course focuses on identifying and reforming controls that no longer work, ensuring your segregation of duties is foolproof, and building a strong internal control framework. You'll learn to scrutinize and tighten your own processes, address control issues outside the typical AP domain, and introduce practices that significantly boost control strength. This transformative journey will not only enhance your expertise in managing AP functions but also empower you to integrate strong fraud prevention routines, elevating your professional standing and contributing to the financial robustness of your organization.
Learning Objectives
Upon completion of this course, participants will be able to:
Identify controls that no longer work;
Ensure your segregation of duties regime doesn't fail;
Create the "building blocks" of a strong internal control master plan
Identify best control practices for the entire procure-to-pay process;
Evaluate your own processes to identify weak controls that need tightening;
Fix the questionable controls so fraud and erroneous payments don't sneak through;
Pinpoint control issues that arise when payments are made outside AP and show you how you can tighten those controls;
Introduce practices that are often overlooked but strengthen controls; and
Integrate strong fraud prevention routines into standard AP practices.
Major Topics
Internal Controls in AP Functions
The Building Blocks of creating Internal Controls
Common AP Practices
Segregation of Duties
Controls around Review & Approval Process
Periodic Review
