By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's attractiveness because the most well known authority on debts payable. She offers nice element on all elements of the payables platforms had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, most appropriate information companies
"Mary Schaeffer has performed it back! America's such a lot entire bills payable professional has written one other authoritative and accomplished paintings. This time she takes goal at inner controls and the Sarbanes-Oxley Act as they impression the payables functionality. even if you're required to conform with the Act, this e-book may also help you meet the demanding situations dealing with execs who call for potent and effective controls either now and sooner or later. This publication is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration prone, Inc.
"There are many courses to complying with Sarbanes-Oxley but this article is the 1st i've got visible that gives money owed payable departments with a video game plan, either from a mile-high and an in-the-trenches perspective. whether you're not fascinated with SOX, this advisor offers the foundational regulate framework and most sensible practices for any debts payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C
"Mary Schaeffer's publication presents sincerely written assistance at the motives, effects, and top practices for debts payables inner controls. each accounting, auditing, and data know-how expert who bargains with money owed payable will locate a few important feedback during this book."
—Dr. Will Yancey, CPA, self reliant consultant
"If you just learn one booklet at the tasks and tasks of the bills payable representative-make it this one. Ms. Schaeffer is really impressive at explaining the impression the Sarbanes-Oxley Act may have at the association and its money owed payable methods. no matter if you're a professional bills payable consultant or simply new to the location, this ebook can assist 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 money owed payable blueprint to changing into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all enterprises, whether they're publicly traded or no longer. robust inner controls and segregation of tasks may still turn into a typical frame of mind instead of whatever required by means of legislation. Accounts Payable and Sarbanes-Oxley offers a accomplished review of the Act and lays out the mandatory directions that impact bills payable to make sure compliance within the bills payable department.
Read or Download Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls PDF
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Extra resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
If you answered that it sometimes gets paid, you are correct. Getting that duplicate payment returned can be a tedious and expensive proposition. Clearly, paying an invoice twice indicates a breakdown in internal controls. To address this issue, most companies run some sort of duplicate payment–checking program to try and identify these payments before the money goes out the door. The programs have varying degrees of success, often depend39 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 40 The Basics ing on the level of controls in other parts of the accounts payable process.
Some also question the level of detail that is revealed in these reports. The outsourcer is required to inform clients only of failures of SAS 70 tests but not the extent, substance, or scope of the audit. So, those relying on the report do not have all the details. They do not know the full extent of the audit, which would help them put the reports of failure in some perspective. There is also the touchy issue of auditor independence and conflicts of interest. This can occur when the outsourcer’s auditor is also the auditor of your company.
It’s a quick way to get rid of an angry vendor. ), puts it in an interoffice envelope marked accounts payable, and forgets about the whole mess. Now, when the vendors call accounts payable, they are under the impression that their invoices have been there for weeks, so these conversations tend to be a tad on the touchy side. In the ideal scenario, accounts payable sends the invoice to purchasing for approval (or does not receive it until it has been approved), and purchasing approves it and returns it to accounts payable within 24 hours for processing for payment.