Internal Controls in Accounts Payable (Course Id 526)

Strong internal controls are key to any effective accounts payable function. Without such controls, fraud is easier to commit, duplicate payments increase and the function is not cost-effective. This course presents information the professional can use to identify control problems and implement strong controls. Industry expert Mary Schaeffer shows auditors, controllers, and managers where control issues are likely to occur, how to strengthen controls, and best practices for a control effective accounts payable function.

Please Note: These Fraud CPE credits satisfy the California Board of Accountancy (CBA) fraud requirement.

Course Learning Objectives

• Identify really bad accounts payable practices that weaken controls
• Pinpoint problems likely to occur if strong controls are not used in accounts payable
• Delineate problems created when segregation of duties are not set up correctly
• Demonstrate the interaction between fraud and internal controls
• Reveal internal control practices every organization should use to deter fraud
• Identify weak control practices that don’t curtail duplicate payments
• Show how poor controls make duplicate payments more likely
• Pinpoint places where internal controls most commonly breakdown in the accounts payable function
• Locate places where purchase orders cause control problems
• Identify common purchase order problems and solutions to fix them
• Establish how best invoice control practices improve processing
• Recognize invoice automation control issues as they arise
• Be aware of how control issues can fall apart in the accounts payable function in the month end and year end close
• Implement the proper controls around the check production process
• Demonstrate why signature stamps represent a poor control and can cause your organization big problems
• Identify poor controls related to check request forms
• Identify controls that should be incorporated into every corporate procurement program
• Reveal best fraud control strategies for your p-card program
• Demonstrate why daily bank reconciliations are so important even if electronic payments are not being made
• Shows how a good policy and procedures manual can strengthen internal controls

Chapter 1
The Basics of Internal Controls: The Theory

• Identify really bad accounts payable practices that weaken controls
• Pinpoint problems likely to occur if strong controls are not used in accounts payable

Chapter 2
The Basics of Internal Controls: In Practice

• Delineate problems created when segregation of duties are not set up correctly
• Identify real-life issues that arise due to poor internal controls

Chapter 3
Special Fraud Prevention Controls

• Demonstrate the interaction between fraud and poor internal controls
• Reveal internal control practices every organization should use to deter fraud

Chapter 4
Duplicate Payments and Their Relationship with Poor Internal Controls

• Identify weak control practices that don’t curtail duplicate payments
• Show how poor controls make duplicate payments more likely to occur

Chapter 5
Where Internal Controls Breakdown

• Pinpoint places where internal controls most commonly breakdown in the accounts payable function
• Reveal reasons controls sometimes fail Demonstrate how an accounts payable policy and procedures manual strengthens controls

Chapter 6
Purchase Orders & Their Role in Internal Controls

• Pinpoint places where purchase orders cause control problems
• Identify common purchase order problems and show how they can be fixed

Chapter 7
Invoice Processing: The Core of the Accounts Payable Function

• Identify common invoice problems
• Demonstrate how best invoice control practices improve the processing function

Chapter 8
Invoice-Related Issues

• Recognize invoice automation control issues as they arise
• Be aware of how control issues can fall apart in the accounts payable function in the month end and year end close

Chapter 9
When Paying by Check: The Internal Control Migraine

• Implement the proper controls around the check production process
• Demonstrate why signature stamps represent a poor control and can cause your organization big problems

Chapter 10
Check Related Issues

• Identify poor controls related to check request forms
• Demonstrate why bank reconciliations have to be done on a very timely basis

Chapter 11
Corporate Purchasing Cards

• Identify controls that should be incorporated into every corporate procurement program
• Reveal best fraud control strategies for your corporate procurement card program

Chapter 12
Electronic Payments

• Reveals best control practices related to electronic payments
• Demonstrate why daily bank reconciliations are so important even if electronic payments are not being made

Chapter 13
The Policy and Procedures Manual: Tying It All Together

• Shows how a good policy and procedures manual can strengthen internal controls
• Demonstrate why updating the policy and procedures manual on a regular basis strengthens internal controls