By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's attractiveness because the most advantageous authority on bills payable. She presents nice element on all features of the payables platforms had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, most desirable info prone
"Mary Schaeffer has performed it back! America's so much entire money owed 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 impression the payables functionality. even if you're required to conform with the Act, this publication may also help you meet the demanding situations dealing with execs who call for potent and effective controls either now and sooner or later. This e-book is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration prone, 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 thinking about SOX, this advisor offers the foundational keep watch over 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 e-book offers sincerely written assistance at the motives, results, and most sensible practices for debts payables inner controls. each accounting, auditing, and data expertise specialist who bargains with debts payable will locate a few worthwhile feedback during this book."
—Dr. Will Yancey, CPA, self sufficient consultant
"If you simply learn one booklet at the tasks and duties of the money owed payable representative-make it this one. Ms. Schaeffer is actually fantastic at explaining the impression the Sarbanes-Oxley Act can have at the association and its bills payable strategies. no matter if you're a professional bills payable consultant or simply new to the placement, this booklet may also 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 money owed payable blueprint to changing into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all firms, whether they're publicly traded or now not. powerful inner controls and segregation of tasks may still develop into a customary state of mind instead of whatever required by means of legislations. Accounts Payable and Sarbanes-Oxley offers a entire assessment of the Act and lays out the mandatory directions that impact debts payable to make sure compliance within the debts payable department.
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Additional resources for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
Another nasty factor associated with vendor fraud is that sometimes there is collusion with an employee, thus the emphasis––with or without Sarbanes-Oxley––on segregation of duties. If the company has a contract compliance group, there is a better chance that the fraud will be uncovered. Conniving employees have been known to manipulate files, submit phony invoices, and make use of inactive vendors in the master vendor file in order to bilk their companies out of millions of dollars. Strong internal controls, sound accounts payable practices, and segregation of duties all play a role in minimizing the risk of employee invoice fraud.
No wonder vendors don’t get paid on time! Even when the mailroom is told to forward anything that looks like an invoice to accounts payable, invoices float. A decision regarding where invoices should be sent must be made within each company. Once that decision has been made, this information needs to be communicated to all vendors. It should be included in the welcome package that is sent to new vendors. It can also be communicated through regular communication that purchasing has with suppliers.
In accounts payable this is an important component of strong internal controls. There are certain functions that need to be segregated. For example, a person who can enter an invoice for payment should not also be able to set up a new vendor in the master vendor file or make changes to that file. As a general rule of thumb, no employee, regardless of title or rank, should be able to handle two functions such that he or she would be in a position to defraud the organization through a manipulation of those responsibilities.