By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's attractiveness because the greatest authority on bills payable. She offers nice aspect on all facets of the payables structures had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, finest info Services"Mary Schaeffer has performed it back! America's such a lot complete money owed payable professional has written one other authoritative and complete paintings. This time she takes goal at inner controls and the Sarbanes-Oxley Act as they influence the payables functionality. even if you're required to conform with the Act, this booklet may also help you meet the demanding situations dealing with execs 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 providers, Inc."There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got visible that gives debts payable departments with a online game plan, either from a mile-high and an in-the-trenches standpoint. no matter if you're not serious about SOX, this consultant presents the foundational regulate framework and most sensible practices for any money owed payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C"Mary Schaeffer's booklet offers truly written suggestions at the factors, outcomes, and top practices for bills payables inner controls. each accounting, auditing, and knowledge know-how expert who bargains with bills payable will locate a few important feedback during this book."—Dr. Will Yancey, CPA, autonomous consultant"If you simply learn one e-book at the tasks and tasks of the debts payable representative-make it this one. Ms. Schaeffer is basically superb at explaining the effect the Sarbanes-Oxley Act can have at the association and its debts payable systems. no matter if you're a professional bills payable consultant or simply new to the location, this publication might help you to turn into firmly grounded on your skill to accomplish your function within the bills payable department."—Jerry W. Michael, President, IRSCompliance.orgThe money owed payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all agencies, whether they're publicly traded or no longer. robust inner controls and segregation of tasks should still turn into a customary frame of mind instead of whatever required by means of legislations. bills Payable and Sarbanes-Oxley offers a complete evaluate of the Act and lays out the required instructions that impact debts payable to make sure compliance within the bills payable division.
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"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the most desirable authority on money owed payable. She offers nice aspect on all points of the payables platforms had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf! "—Steven Bragg, prime information Services"Mary Schaeffer has performed it back!
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Extra resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
All had to be satisfied in order for internal controls to be deemed effective. They are: 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring In 2004, the Commission updated the framework to address enterprise risk. The new COSO framework emphasizes the importance of identifying and managing risks across the enterprise. To accomplish this goal, three additional components were added: 6. Objective setting 7. Event identification 8. Risk response 26 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 27 Compliance Alternatives: Outsourcing and the COSO Framework COSO OBJECTIVES: ENTERPRISE RISK The framework breaks down risk for an organization into four broad categories: 1.
Often, these contracts go on for pages, and rarely are in41 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 42 The Basics voices checked against contracts to make sure that all the terms of the contract are taken advantage of. It will come as no surprise to most reading this to learn that the more complicated the contract, the less likely it is that a company will adhere to it even most of the time. In fact, there are organizations whose business offering is simply going through contracts and payments, finding discrepancies, and then recovering those overpayments.
Sometimes these invoices are attached to a check request form and sometimes they are not. As you can imagine, the controls on such purchases are weaker than the controls associated with a PO. Additional problems, especially with low-dollar non-PO invoices include: ⅷ ⅷ ⅷ No real verification of the product received No verification of whether the produce was ordered, meets standards, and so forth No real verification as to whether this is a duplicate invoice No Invoice Number Many non-PO invoices, as well as some invoices associated with POs, have no invoice number.