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Internal Controls for Accounts Payable
- COSO and the COSO framework and its approach to risk assessment and control system development.
- The importance of defining business objectives.
- Key considerations in establishing internal controls.
- The importance of the control environment and how it can be fostered and maintained.
- Various internal control classification schemes and how cross classification can help identify best practices.
- Examples of internal controls and using classification schemes.
- The importance of a data security plan.
- The Federal Trade Commission’s key principles of a sound data security plan.
- Understand how the COSO frameworks provide an organized approach to development of internal control systems.
- Understand how risk assessment can aid in identifying and developing effective controls.
- Define preventive, detective, and corrective controls and describe examples of each type of control.
- Understand the impact of the control environment and the important role that training plays in an effective control system.
- Apply control classification and business objectives in the identification of risks and appropriate controls.
- Know the SEC’s five key principles of a sound data security plan and how to apply them to protect sensitive data.
- Identify opportunities to automate controls and improve efficiency and accuracy.
- How to apply the FTC principles.
- The importance of staff training in establishing the control environment and in the effectiveness of the control system.
Overview of the webinar
This webinar training will explain the process of internal controls in account payable operation as per COSO framework, why it is required and how to effectively implement it across organisation. Participants will learn how to master internal AP controls : preventive and corrective, to mitigate risk, ensure information system security and prevent fraud.
Who should attend?
- Accounts Payable Supervisors and Personnel
- Systems Consultants
- Public Accountants
- Internal Auditors
- Tax Compliance Officers
- Enrolled Agents
- Officers and Managers with Accounts Payable Compliance Oversight
- Company / Business Owners
- Managers/ Supervisors
- Public Agency Managers
- Audit and Compliance Personnel / Risk Managers
Why should you attend?
Accounts payable is not only responsible for control of cash paid by the business, but also handles sensitive vendor information such as tax ID numbers. Adequate internal control is an essential element of accounts payable operations. Controls serve to protect company assets including company reputation through protection of sensitive information and processes. Controls provide assurance that company records are accurate and complete. They monitor compliance with company policy and compliance with legal and contractual obligations and measure progress toward achievement of organizational objectives.This webinar will discuss how controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.
Faculty - Mr.Patrick A. Haggerty
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes nonprofit organization management, banking,manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent tax payers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.