By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's popularity because the most advantageous authority on bills 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, superior facts companies
"Mary Schaeffer has performed it back! America's such a lot finished bills payable specialist has written one other authoritative and entire paintings. This time she takes target 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 ebook may 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 visible that gives money owed payable departments with a online game plan, either from a mile-high and an in-the-trenches point of view. whether you're not fascinated with SOX, this advisor presents the foundational keep watch over framework and most sensible practices for any debts payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C
"Mary Schaeffer's booklet offers in actual fact written tips at the factors, effects, and top practices for debts payables inner controls. each accounting, auditing, and data know-how expert who bargains with bills payable will locate a few precious feedback during this book."
—Dr. Will Yancey, CPA, self sustaining consultant
"If you simply learn one ebook at the tasks and obligations of the bills payable representative-make it this one. Ms. Schaeffer is actually superb at explaining the influence the Sarbanes-Oxley Act may have at the association and its bills payable tactics. no matter if you're a professional money owed payable consultant or simply new to the placement, 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 money owed payable blueprint to turning into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all organisations, whether they're publicly traded or now not. powerful inner controls and segregation of tasks may still develop into a typical state of mind instead of anything required by way of legislation. Accounts Payable and Sarbanes-Oxley offers a accomplished evaluation of the Act and lays out the mandatory directions that impact money owed payable to make sure compliance within the bills payable department.
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Additional resources for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
Depending on the size of the organization, segregation of duties can also be an issue when it comes to check-related activities. For example, did you know that the person who handles the bank account reconciliation function should not be involved in unclaimed property reporting? If you are scratching your head over that one, the explanation is relatively straightforward. The person who reconciles the bank accounts could indicate on the bank reconciliation reports that an item had been escheated (turned over to the state).
Have a focus for action/control activities. Uncover and take action quickly on invalid payments fraudulently created for unauthorized or nonexistent purchases. CONCLUDING THOUGHTS The invoice is where the payment process is activated. It is therefore crucial that appropriate controls are incorporated at this stage. Otherwise, the door to fraud and duplicate payments is opened. Additionally, when thinking about segregation of duties as it relates to the payment process, it is imperative that the invoice-handling phase be included in that equation.
A few companies have set up contract compliance groups, most often as part of purchasing, but occasionally under the accounts payable umbrella. This group is charged with making sure that the invoices paid comply with the signed contract. On the face of it, this may seem like a fairly straightforward process. Going back to the hospital example, it is easy to see how prices, especially in heavily negotiated supplies, could be misquoted. Equally important are the terms and any potential penalties and, as mentioned elsewhere in this chapter, special deals that are arranged outside the master contract.
Accounts payable and Sarbanes-Oxley : strengthening your internal controls by Mary S. Schaeffer