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Accounts payable and Sarbanes-Oxley : strengthening your by Mary S. Schaeffer

By Mary S. Schaeffer

"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's recognition because the finest authority on money owed payable. She offers nice element on all points of the payables platforms had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
Steven Bragg, greatest information prone

"Mary Schaeffer has performed it back! America's such a lot complete money owed payable specialist has written one other authoritative and finished 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 ebook can assist you meet the demanding situations dealing with execs who call for powerful 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 obvious that offers bills payable departments with a online game plan, either from a mile-high and an in-the-trenches standpoint. whether you're not focused on SOX, this consultant presents the foundational keep watch over framework and most sensible practices for any money owed payable department."
Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C

"Mary Schaeffer's publication offers in actual fact written counsel at the factors, results, and top practices for money owed payables inner controls. each accounting, auditing, and data know-how specialist who offers with bills payable will locate a few helpful 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 actually outstanding at explaining the effect the Sarbanes-Oxley Act may have at the association and its debts payable tactics. even if you're a pro debts payable consultant or simply new to the location, this e-book might help you to turn into firmly grounded on your skill to accomplish your position within the debts payable department."
Jerry W. Michael, President,

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 businesses, whether they're publicly traded or now not. powerful inner controls and segregation of tasks should still develop into a customary state of mind instead of anything required via legislations. Accounts Payable and Sarbanes-Oxley offers a complete review of the Act and lays out the required instructions that have an effect on 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

Sample text

Again, the report is only attesting to reasonable controls; it does not guarantee that they are in place. Some also question the level of detail that is revealed in these reports. The outsourcer is required to inform clients only of failures of SAS 70 tests but not the extent, substance, or scope of the audit. So, those relying on the report do not have all the details. They do not know the full extent of the audit, which would help them put the reports of failure in some perspective. There is also the touchy issue of auditor independence and conflicts of interest.

Which way is better? There is no clear answer, as both methodologies have problems associated with them. However, even though most experts recommend that invoices be directed to someone’s attention, many come in addressed to no one and float through the company, eventually 36 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 37 Invoice Processing ending up in accounts payable. 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.

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.

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