By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's recognition because the ideal authority on debts payable. She offers nice element on all facets of the payables structures had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, most well known facts providers
"Mary Schaeffer has performed it back! America's such a lot complete bills payable specialist has written one other authoritative and accomplished paintings. This time she takes objective 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 booklet might help you meet the demanding situations dealing with pros who call for powerful 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 companies, Inc.
"There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got obvious that offers bills payable departments with a online game plan, either from a mile-high and an in-the-trenches standpoint. whether you're not involved in SOX, this consultant offers the foundational keep an eye on framework and top practices for any debts payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C
"Mary Schaeffer's e-book offers truly written tips at the reasons, outcomes, and most sensible practices for money owed payables inner controls. each accounting, auditing, and knowledge know-how expert who offers with debts payable will locate a few precious feedback during this book."
—Dr. Will Yancey, CPA, self reliant consultant
"If you just learn one booklet at the tasks and duties of the money owed payable representative-make it this one. Ms. Schaeffer is de facto superb at explaining the effect the Sarbanes-Oxley Act could have at the association and its money owed payable strategies. even if you're a professional bills payable consultant or simply new to the location, this ebook may help you to turn into firmly grounded on your skill to accomplish your position within the bills payable department."
—Jerry W. Michael, President, IRSCompliance.org
The debts payable blueprint to changing into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all organisations, whether they're publicly traded or now not. robust inner controls and segregation of tasks may still develop into a regular frame of mind instead of anything required via legislation. Accounts Payable and Sarbanes-Oxley presents a finished assessment of the Act and lays out the mandatory instructions that have an effect on debts payable to make sure compliance within the bills payable department.
Read Online or Download Accounts payable and Sarbanes-Oxley : strengthening your internal controls PDF
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Additional info for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
As those who work in accounts payable are well aware, the proverbial three-way match is used in most organizations. It matches the PO against the receiving documents and the invoice submitted for payment. When all three match, the invoice is processed and a payment scheduled. If there is no match, discrepancies must then be resolved. PURCHASE ORDER PROBLEMS Most PO problems signify a breakdown in internal controls. Accounts payable professionals who have problems getting 32 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 33 Invoice Processing some of these issues addressed can now use the threat of noncompliance with the Sarbanes-Oxley Act to harness management support for their initiatives.
This information is provided by the independent service auditor. Other information as the service organization chooses to include. This report describes the controls in place at a specific point in time. In this report the service auditor will offer its opinion on whether the description of its controls presents fairly the relevant aspects of the organization’s controls and whether the controls were designed appropriately to achieve the specified control objectives. Type II Reports A Type II report includes: ⅷ ⅷ ⅷ Independent Service Auditor’s Report Service organization’s description of controls A description of the service auditor’s test of operating effectiveness and the results of those tests.
In accounts payable this is an important component of strong internal controls. There are certain functions that need to be segregated. For example, a person who can enter an invoice for payment should not also be able to set up a new vendor in the master vendor file or make changes to that file. As a general rule of thumb, no employee, regardless of title or rank, should be able to handle two functions such that he or she would be in a position to defraud the organization through a manipulation of those responsibilities.
Accounts payable and Sarbanes-Oxley : strengthening your internal controls by Mary S. Schaeffer
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