SOX Internal Controls for Accounts Payable 2015

SOX Internal Controls for Accounts Payable Instructor: Mike Morley Product ID: 500929 Description The Sarbanes-Oxley Act of 2002 makes company executives of publicly traded US companies personally and criminally responsible for the accuracy and reliability of the financial disclosures of their companies. They are required to sign reports that attest to the effectiveness of their companies’ internal controls, including foreign subsidiaries. Many of these executives are “pushing down” the signoff of these reports to management, including accounts payable professionals. Accounts Payable professionals need to be aware of the requirements of the Act before they sign off on the effectiveness of controls over the processes for which they are responsible, including international subsidiaries. Areas Covered How to establish financial controls for Accounts Payable Which Accounts Payable processes pose the greatest risk of material misstatement What aspects of Accounts Payable are most susceptible to fraud Techniques for testing Accounts Payable controls Documentation requirements specific to Accounts Payable How to answer the 3 important questions required by Sarbanes-Oxley: Is it accurate? Are you sure? Can you prove it? Why Should you Attend Setting up controls for the purchasing process and analyzing the risk to the financial statements can be a daunting task. Since a large company has to purchase many different items every day, there is a real potential for fraud. The format of the session will be a presentation followed by Q&A. Objectives of the Presentation Ensure Sarbanes-Oxley compliance Improving Accounts Payable management through internal financial controls Ensuring the adequacy of provisions for Bad Debt Using internal controls for payment approval procedures improvement Understanding the dependence on processes outside the payables department Employ guidelines that help Accounts Payable Professionals understand their responsibilities and duties Who can Benefit Co