Crafting Effective Internal Controls in the Accounts Payable Function (Completed)

Date: Friday, January 11, 2019
Instructor: Mary Schaeffer
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Avoid AP Pitfalls and Devise Effective Internal Controls
Well-run accounts payable operations are very cost effective. They don't get this way by cutting corners or taking shortcuts. Generally speaking, these organizations have implemented strong internal controls across the entire accounts payable process. They do this by paying close attention to every last detail. This session was designed to help you achieve the very same results by walking through your accounts payable process - step by step.

Effective Internal Controls Begin Before the Invoice Arrives and Continue Post-Payment
Control problems can creep into the procure-to-pay at almost any point in the process. AP expert, Mary Schaeffer, divides the process into three parts: before the invoice shows up, the processing of the invoice and making of the payment, and the after the invoice is paid processes. Most only focus on the middle part missing a number of opportunities to strengthen controls and eliminate the problems that make a dent in the bottom line. She'll show you how to take advantage of instilling controls across the entire spectrum.

Who Should Attend
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, payroll professionals, procure-to-pay professionals, and travel managers.

Topics Covered

  • Before the invoice shows up
  • Processing of the invoice and making of the payment
  • After the invoice is paid processes
  • Take advantage of instilling controls across the entire spectrum
  • How to take advantage of instilling controls across the entire spectrum

Learning Objectives

  • Identify best control practices for the entire procure-to-pay process
  • Evaluate your own processes to identify weak controls that need tightening
  • Address issues after the invoice has been paid that will enable tighter controls
  • Fix the questionable controls so fraud and erroneous payments don't sneak through
  • Develop a checklist of practices in your own organization where controls sometimes are overlooked
  • Install a process to ensure no work-arounds are developed by staff that weaken controls
  • Introduce practices that are often overlooked but strengthen controls


Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites

Advance Preparation

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