By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the finest authority on bills payable. She presents nice aspect on all points of the payables structures had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, superior info companies
"Mary Schaeffer has performed it back! America's such a lot comprehensive debts payable specialist has written one other authoritative and accomplished paintings. This time she takes goal at inner controls and the Sarbanes-Oxley Act as they influence the payables functionality. even if you're required to conform with the Act, this booklet can assist you meet the demanding situations dealing with pros who call for powerful and effective controls either now and sooner or later. This ebook is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration providers, Inc.
"There are many courses to complying with Sarbanes-Oxley but this article is the 1st i've got obvious that gives debts payable departments with a online game plan, either from a mile-high and an in-the-trenches standpoint. whether you're not excited by SOX, this consultant presents the foundational keep an eye on framework and most sensible practices for any bills payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C
"Mary Schaeffer's publication presents truly written assistance at the motives, results, and most sensible practices for money owed payables inner controls. each accounting, auditing, and data expertise expert who offers with debts payable will locate a few precious feedback during this book."
—Dr. Will Yancey, CPA, autonomous consultant
"If you just learn one ebook at the tasks and obligations of the bills payable representative-make it this one. Ms. Schaeffer is de facto marvelous at explaining the impression the Sarbanes-Oxley Act can have at the association and its money owed payable techniques. no matter if you're a pro bills payable consultant or simply new to the location, this e-book might help you to develop into firmly grounded on your skill to accomplish your position within the debts payable department."
—Jerry W. Michael, President, IRSCompliance.org
The bills payable blueprint to turning into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all companies, whether they're publicly traded or now not. robust inner controls and segregation of tasks should still develop into a regular frame of mind instead of anything required by way of legislations. Accounts Payable and Sarbanes-Oxley offers a entire evaluate of the Act and lays out the required directions that impact money owed payable to make sure compliance within the money owed payable department.
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Extra info for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
For starters, SAS 70 is not: ⅷ ⅷ ⅷ ⅷ A checklist audit A predetermined set of control objectives A predetermined set of control activities As rigorous as Section 404 Type I Reports A Type I report includes: 22 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 23 Compliance Alternatives: Outsourcing and the COSO Framework ⅷ ⅷ Independent Service Auditor’s Report Service organization’s description of controls There are several optional features that may be included. They are: ⅷ ⅷ A description of the service auditor’s test of operating effectiveness and the results of those tests.
They are usually sent to the supplier, and in an ideal situation, a copy is also sent to accounts payable. 31 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 32 The Basics In today’s electronic environment, these forms can be transmitted electronically and/or filled in on an online database. In such cases accounts payable can and should have access. As indicated, the PO can either be the first line of defense or the first place where internal controls start to break down. Here are a few of the issues: ⅷ ⅷ ⅷ ⅷ ⅷ How accurate is the information on the form?
They should also be flowcharted as part of that exercise. Electronic processes have addressed many of these problems. See the Electronic Invoicing section for a discussion on this issue. THREE-WAY MATCH As mentioned earlier, the three-way match is a strong control feature used at most corporations. If the PO, receiving document, and approved invoice match, the item is scheduled for payment. However, frequently, the three do not match and then the fun begins. It is also where the most well-intentioned internal controls can start to fall apart.