Mastering Accounts Payable Internal Controls: Reduce Risk and Prevent Fraud

Patrick A Haggerty

Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. Also, he regularly develops and presents webinars and presentations on a variety of topics includi........

Overview

Accounts payable is not only responsible for control of cash paid by the business, but also handles sensitive vendor information such as tax ID numbers. Adequate internal control is an essential element of accounts payable operations. Controls serve to protect company assets including company reputation through protection of sensitive information and processes. Controls provide assurance that company records are accurate and complete. They monitor compliance with company policy and compliance with legal and contractual obligations and measure progress toward achievement of organizational objectives. In addition controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.

Why should you attend?

Participants will learn how to how to develop and use detective, preventive and corrective internal controls to mitigate risk, ensure information system security and prevent fraud.
The session will cover organized approaches to development of internal control systems and controls based on the COSO frameworks, including risk assessment, development of the control environment, training of employees, and the objectives of the business. It will also discuss how to identify opportunities to improve internal controls that aid in achieving the objectives of the business.

Areas Covered in the Session:

COSO and the COSO framework and its approach to risk assessment and control system development.
The importance of defining business objectives.
Key considerations in establishing internal controls.
The importance of the control environment and how it can be fostered and maintained.
Various internal control classification schemes and how cross classification can help identify best practices.
Examples of internal controls and using classification schemes.
The importance of a data security plan.
The Federal Trade Commission?s key principles of a sound data security plan.
How to apply the FTC principles.
The importance of staff training in establishing the control environment and in the effectiveness of the control system.

Who can Benefit: