The accounts payable process is often referred to as the “backbone” of corporate transaction processing and is considered a financially significant process in all industries. As a result, the internal controls required for the AP process are critical to a company’s financial well-being since a well-designed internal controls program can detect and prevent fraud.
 
The integrity of AP results are directly influenced by the functions of securing and qualifying sources of supply; initiating requests for materials, equipment, merchandise, supplies, or services; obtaining information as to availability and pricing from approved suppliers; placing orders for goods or services; receiving and inspecting or otherwise accepting the material or merchandise; accounting for the proper amounts due to suppliers; and processing payments in a controlled and efficient manner.
 
Chris Doxey will present the top twenty internal controls for the entire accounts payable cycle with focus on the standards of internal control programs for your supplier master file, invoice processing, and disbursements processes.

Learning Objectives

• Learn about the risks and flags that indicate a control issue in your accounts payable process.


• Obtain the top twenty controls for accounts payable.


• Learn what happens when controls are not enough.


• Learn how to establish a foundation of best practices in accounts payable with the standards of internal control.

• Your Internal Controls and Fraud Prevention Primer


• Identifying the Flags that Indicate Accounts Payable Risk


• The Top Twenty Internal Controls for Your Accounts Payable Process


• The Standards of Internal Control for Accounts Payable


• When Internal Controls Are Not Enough


• Case Study


• Q&A