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Internal Controls in AP

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE NONE Accounting Experience LevelCourse IDCPE CreditsAuthor Overview MS-107 9 Mary Schaeffer, CPA Internal Controls in Accounts Payable Course Description: Strong internal controls ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE NONE Accounting
Experience Level Course ID CPE Credits Author
Overview MS-107 9 Mary Schaeffer, CPA

Internal Controls in Accounts Payable

Course Description:

Strong internal controls are key to any effective accounts payable function. Without such controls, fraud is easier to commit, duplicate payments increase and the function is not cost-effective. This course presents information the professional can use to identify control problems and implement strong controls. Industry expert Mary Schaeffer shows auditors, controllers, and managers where control issues are likely to occur, how to strengthen controls, and best practices for a control effective accounts payable function.

Who Should Attend: CPAs

Topics Covered:
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:

 Identify really bad accounts payable practices that weaken controls
 Pinpoint problems likely to occur if strong controls are not used in AP
 Delineate problems created when segregation of duties are not set up correctly
 Demonstrate the interaction between fraud and internal controls
 Reveal internal control practices every firm should use to deter fraud
 Identify weak control practices that don’t curtail duplicate payments
 Show how poor controls make duplicate payments more likely
 Pinpoint places where internal controls most commonly breakdown in the accounts payable function
 Locate places where purchase orders cause control problems
 Identify common purchase order problems and solutions to fix them
 Establish how best invoice control practices improve processing
 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 a poor control and can cause your organization big problems
 Identify poor controls related to check request forms
 Identify controls that should be incorporated into every corporate procurement program
 Reveal best fraud control strategies for your p-card program
 Show how uniform enforcement of the travel policy minimizes game playing on the part of employees
 Demonstrate the importance of having a policy regarding employees using personal devices for work
 Show how employees disguise bribes to foreign government officials
 Identify issues created by Super Users of ERP systems
 Shows how a good policy & procedures manual can strengthen internal controls 


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