By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the superior authority on bills payable. She offers nice element on all features of the payables platforms had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, most efficient information companies
"Mary Schaeffer has performed it back! America's so much entire money owed 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 effect the payables functionality. even if you're required to conform with the Act, this e-book can assist you meet the demanding situations dealing with pros who call for powerful and effective controls either now and sooner or later. This booklet 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 obvious that gives bills payable departments with a video game plan, either from a mile-high and an in-the-trenches point of view. whether you're not enthusiastic about SOX, this consultant offers the foundational keep an eye on framework and top practices for any bills payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C
"Mary Schaeffer's ebook offers essentially written tips at the factors, results, and most sensible practices for debts payables inner controls. each accounting, auditing, and knowledge know-how expert who offers with bills payable will locate a few worthwhile feedback during this book."
—Dr. Will Yancey, CPA, self reliant consultant
"If you simply learn one e-book at the tasks and obligations of the money owed payable representative-make it this one. Ms. Schaeffer is actually wonderful at explaining the influence the Sarbanes-Oxley Act may have at the association and its money owed payable systems. no matter if you're a professional bills payable consultant or simply new to the location, this ebook can help you to develop into firmly grounded on your skill to accomplish your function within the debts payable department."
—Jerry W. Michael, President, IRSCompliance.org
The bills payable blueprint to changing into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all enterprises, whether they're publicly traded or now not. powerful inner controls and segregation of tasks should still develop into a typical state of mind instead of anything required by way of legislation. Accounts Payable and Sarbanes-Oxley offers a complete assessment of the Act and lays out the mandatory guidance that have an effect on bills payable to make sure compliance within the bills payable department.
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Extra info for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
Example text
However, it often is necessary within the confines of the operating policy of the organization––and is a complete breakdown in internal controls. It is also a prime example of how special terms can get lost––because they are never reported to accounts payable, and the vendor, either intentionally or by mistake, has created the invoice using the standard terms rather than the special terms negotiated. Thus, the hard work the purchasing professional put in getting the improved terms was for naught.
CONCLUDING THOUGHTS Luckily, the COSO Framework was around and gave those organizations looking for a place to start an easy starting point. Of course, those institutions already taking advantage of the discipline it offers were well ahead of the game with their Sarbanes-Oxley requirements. 29 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 31 3 Invoice Processing At the head of all accounts payable operations is the invoiceprocessing function. In fact, given the diversity of the functions handled in accounts payable departments, some experts maintain that the only constant across all thresholds is invoice-processing responsibility.
Fraud and duplicate payments are just the tip of the iceberg. While a company may have been willing to live with those risks in the past, it risks getting a negative assessment in its Sarbanes-Oxley audit if it continues to employ poor practices with regard to its master vendor files. At a minimum, to have any chance of not being dinged when its master vendor file practices are reviewed, a company should: ⅷ ⅷ ⅷ ⅷ ⅷ Limit access to the master vendor file. Periodically disable inactive vendors in the file (but do not delete the entries, as the payment history associated with that vendor needs to be retained).