Internal Controls in Accounts Payable (eBook)

  • Credits: 9
  • Format: Self-Study eBook
  • Field of Study: Accounting | Auditing
  • Author/Speaker: Mary Schaeffer
Course ID: Advanced Preparation: Experience Level:
MS-106 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© January 2020 General Understanding of Accountancy Self-Study eBook

Strong internal controls are a good part of the fraud prevention framework any organization creates to thwart crooks. However, there are many places these controls fall down and often they are in places where you least expect them. This is especially important when it comes to the accounts payable function. For control breakdowns in this area allow crooks easy access to the organization’s financial assets.

This course takes a look at control breakdowns that are sometimes unintentionally ignored to the peril of the organization not addressing them. The issues evaluated in this course are critical to those who want to run an efficient, fraud-resistant accounts payable function.

Topics include:
  • Chapter 1: Why Internal Controls Matter
  • Chapter 2: The Basics of Internal Controls: Theory
  • Chapter 3: The Basics of Internal Controls: In Practice
  • Chapter 4: Fraud Prevention Controls and Practices
  • Chapter 5: Internal Controls and Duplicate Payments
  • Chapter 6: Where Internal Controls Break Down
  • Chapter 7: Purchase Orders and Their Role in Internal Controls
  • Chapter 8: Invoice Processing: The Core of the Accounts Payable Function
  • Chapter 9: Invoice Related Control Issues
  • Chapter 10: When Paying by Check: The Internal Control Migraine
  • Chapter 11: Check Related Issues
  • Chapter 12: Corporate Procurement Cards: An Alternative to Paper Checks
  • Chapter 13: Electronic Payment Alternatives: A Better Payment Approach
  • Chapter 14: The Master Vendor File: Where It All Begins
  • Chapter 15: The Travel and Entertainment Component: Expense Reimbursements
  • Chapter 16: Computers, Tablets, and Smartphones: The Often-Overlooked Control Component
  • Chapter 17: Controls to Prevent Bribing Foreign Government Officials
  • Chapter 18: Other Issues That Present Control Concerns
  • Chapter 19: The Policy and Procedures Manual: Tying It All Together

Learning Objectives:

After reading the course material, you 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 really bad 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 real-life issues that arise due to poor internal controls
  • Demonstrate the interaction between fraud and poor internal controls
  • Reveal internal control practices every organization should use to deter fraud
  • Identify and eliminate weak control practices that don’t curtail duplicate payments
  • Show how poor controls make duplicate payments more likely to occur
  • Pinpoint places where internal controls most commonly breakdown in the accounts payable function
  • Reveal reasons controls sometimes fail to Demonstrate how an accounts payable policy and procedures manual strengthens controls
  • Pinpoint places where purchase orders cause control problems
  • Identify common purchase order problems and show how they can be fixed
  • Identify common invoice problems
  • Demonstrate how best invoice control practices improve the processing function
  • Recognize invoice automation control issues as they arise
  • Be aware of how control issues can fall apart in the accounts payable function in the month-end and year-end close
  • Implement the proper controls around the check production process
  • Demonstrate why signature stamps represent poor control and can cause your organization big problems
  • Identify poor controls related to check request forms
  • Demonstrate why bank reconciliations have to be done on a very timely basis
  • Identify controls that should be incorporated into every corporate procurement program
  • Reveal best fraud control strategies for your corporate procurement card program
  • Reveal best control practices related to electronic payments
  • Demonstrate why daily bank reconciliations are so important even if electronic payments are not being made
  • Reveal how controls around the master vendor file prevent fraud
  • Show how inappropriate segregation of duties around the master vendor file hurt the bottom line
  • Show how uniform enforcement of the travel policy minimizes game playing on the part of employees
  • Demonstrate how to control expense reimbursement fraud
  • Demonstrate the importance of having a policy regarding employees using personal devices for work
  • Integrate appropriate internal controls into the use by employees of personal devices
  • Integrate checking for bribery into the accounts payable function
  • Show how employees tend to disguise bribes to foreign government officials
  • Identify control problems created when employees share passwords
  • Identify issues created by Super Users of ERP systems
  • Shows how a good policy and procedures manual can strengthen internal controls
  • Demonstrate why updating the policy and procedures manual regularly strengthens internal controls

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: