By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's recognition because the optimum authority on money owed payable. She presents nice aspect on all features of the payables structures had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, most excellent facts Services"Mary Schaeffer has performed it back! America's so much entire money owed payable professional has written one other authoritative and finished paintings. This time she takes goal at inner controls and the Sarbanes-Oxley Act as they effect the payables functionality. even if you're required to conform with the Act, this publication might help you meet the demanding situations dealing with pros who call for potent and effective controls either now and sooner or later. This publication is a gigantic source and blueprint for any monetary professional."—Bob Lovallo, President, Pinpoint revenue restoration companies, Inc."There are many courses to complying with Sarbanes-Oxley but this article is the 1st i've got obvious that offers debts payable departments with a online game plan, either from a mile-high and an in-the-trenches perspective. no matter if you're not inquisitive about SOX, this advisor presents the foundational keep an eye on 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 ebook offers sincerely written counsel at the motives, results, and most sensible practices for money owed payables inner controls. each accounting, auditing, and data know-how specialist who bargains with debts payable will locate a few invaluable feedback during this book."—Dr. Will Yancey, CPA, self sustaining consultant"If you simply learn one e-book at the tasks and duties of the bills payable representative-make it this one. Ms. Schaeffer is really exceptional at explaining the influence the Sarbanes-Oxley Act could have at the association and its debts payable systems. no matter if you're a professional debts payable consultant or simply new to the location, this e-book can assist you to turn into firmly grounded on your skill to accomplish your position within the debts payable department."—Jerry W. Michael, President, IRSCompliance.orgThe bills payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all enterprises, whether they're publicly traded or now not. robust inner controls and segregation of tasks should still turn into a regular frame of mind instead of anything required via legislation. money owed Payable and Sarbanes-Oxley presents a finished evaluate of the Act and lays out the required guidance that impact money owed payable to make sure compliance within the bills payable division.
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Extra resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
Others have developed mechanisms to review these invoices in a manner that utilizes fewer precious resources. One example is negative assurance. Approvers are notified of an invoice but not required to take any action unless they did not order the goods in question, hence the negative connotation in the nomenclature. While these approaches are probably good from a work flow standpoint, they do open the door for potential smalldollar fraud, if care is not taken. Thus, while it makes sense from an operational standpoint to implement these processes, extreme care must be taken to ensure that the appropriate controls are put in at the same time.
Simply put, if you are the CEO or CFO, you are responsible. The Act requires that the principal executive officer or officers and the principal financial officer or officers, or persons performing similar functions, certify in each annual or quarterly report filed that: ⅷ ⅷ ⅷ The signing officer has reviewed the report. Based on the officer’s knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading.
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. See Chapter 7 for a discussion of employee fraud via the T&E reimbursement process.