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Internal Controls for Accounts Payable
- 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.
Overview of the webinar
The session will cover organized approaches to the 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. The webinar will also provide an overview of IRS and Federal Trade Commission resources related to data security and control systems.
Accounts payable is not only responsible for the 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 the 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 the achievement of organizational objectives. In addition, controls can result in cost savings through the assessment and improvement of operational efficiency as well as the prevention, detection, and mitigation of errors and fraud.
As a result of this session, you should:
- Understand how the COSO frameworks provide an organized approach to the development of internal control systems.
- Understand how risk assessment can aid in identifying and developing effective controls.
- Define preventive, detective, and corrective controls and describe examples of each type of control.
- Understand the impact of the control environment and the important role that training plays in an effective control system.
- Apply control classification and business objectives in the identification of risks and appropriate controls.
- Understand how the IRS check sheets can be used to enhance controls.
- Know the SEC’s five key principles of a sound data security plan and how to apply them to protect sensitive data.
- Identify opportunities to automate controls and improve efficiency and accuracy.
Who should attend?
- Accounts Payable Supervisors and Personnel
- Systems Consultants
- Public Accountants, CPAs, and Enrolled Agents
- Internal Auditors
- Tax Compliance Officers
- Officers and Managers with Accounts Payable Compliance Oversight
- Company / Business Owners
- Managers/ Supervisors
- Public Agency Managers
- Audit and Compliance Personnel / Risk Managers
Why should you attend?
With the rise in asset losses through fraud schemes targeting accounts payable, accounts payable professionals who have the knowledge and skills to identify and control risks and suggest appropriate solutions are in demand. In this webinar, you will learn how how to develop and use detective, preventive, and corrective internal controls to mitigate risk, ensure information system security, and prevent fraud. You will learn methods you can use to identify opportunities to improve internal controls that aid in achieving the objectives of the business and SOX compliance.
Faculty - Mr.Patrick A. Haggerty
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes nonprofit 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 tax payers 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. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.