Accounts Payable and Sarbanes-Oxley Strengthening Your Internal Controls

ISBN-10: 0471785881

ISBN-13: 9780471785880

Edition: 2006

Authors: Mary S. Schaeffer

List price: $60.00
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This book describes how Sarbanes Oxley requirements should be implemented as they pertain to accounts payable functions. It includes a discussion of why the controls demanded by the Act are important to both public and private companies. It also includes an overview of the COSO framework and how it affects the accounts payable function, as well as describes the proper documentation needed to conform with SOX and the required fraud prevention controls and practices.
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Book details

List price: $60.00
Copyright year: 2006
Publisher: John Wiley & Sons, Incorporated
Publication date: 3/31/2006
Binding: Hardcover
Pages: 208
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 0.946

Mary S. Schaeffer is a nationally recognized accounts payable expert. She is the founder and Editorial Director of Accounts Payable Now & Tomorrow, a newsletter for professionals interested in payment issues. She is the author of twelve books and has written hundreds of articles that have appeared in publications such as the New York Times, Corporate Cashflow, Treasury & Risk, Business Credit, the Writer, Newsday, and She has an MBA in finance and is a member of the New York Financial Writers' Association. She is a regular contributor to AICPA's Corporate Finance Insider publication.

The Basics
Sarbanes-Oxley: How It Applies to Accounts Payable
Overview of the Act
Effective Dates of the Act
Whistleblower Protections
Auditor Independence: The Problem
Auditor Independence: The New Requirements
Timely Disclosure
How Material Events Are Reported
Management Assessment of Internal Controls
Auditors' Assessment of Internal Controls
Corporate Responsibility
Using the Act to Foster Change
Directors Insurance
Concluding Thoughts
Compliance Alternatives: Outsourcing and the COSO Framework
Sarbanes-Oxley Requirements if Using an Outsourcer
Mechanism for Demonstrating Appropriate Controls
COSO Framework: Background
COSO Objectives: Enterprise Risk
Enterprise Risk Management
Concluding Thoughts
Invoice Processing
Purchase Orders
Purchase Order Problems
Invoice Handling: Clear Instructions
Approval Process
Three-Way Match
Small-Dollar Invoices
Contract Compliance
Segregation of Duties
Master Vendor File
Electronic Invoicing
Month-End Close
Year-End Close
Recommended Invoice-Processing Practices
Concluding Thoughts
Payment Process
Authorized Signers and Board Delegations
Check Signers
Documentation: Check Signers and Accounts
Check Stock
Check-Signing Procedures
Facsimile Signer
Rush Checks
Mailing Checks
Outsourcing Check Printing
Check Request Forms
Positive Pay
Reconcile Bank Statements
Recurring Payments
Concluding Thoughts
Purchasing Cards
P-Card Growth
Typical Usage
The Survey: How Has Sarbanes-Oxley Affected Your P-Card Operations?
Why Comply if You Don't Have to?
Implementation Resources
Who's Doing the Work?
Sarbanes-Oxley Impact on P-Card Programs
Sarbanes-Oxley Factor in Change
Has Sarbanes-Oxley Forced Change?
Additional Control Features
What's Being Certified?
Ramifications of Not Signing
Concluding Thoughts
Electronic Payments: Alternatives to the Paper Check
Wire Transfers
Automated Clearinghouse (ACH)
SAS 70
Daily Reconciliations
Concluding Thoughts
Functions Related to and Often Handled in Accounts Payable
Travel and Entertainment Expense Processing
Bad Practices
Written Policies
Policy Enforcement
Exceptions to Spot-Checking
Who Submits When Multiple Employees Are Involved?
Electronic Reimbursement
T&E Cards
SAS 70
Excel Reports
One-Card Programs
Concluding Thoughts
Unclaimed Property (Escheat)
State of Compliance
Effect of Sarbanes-Oxley on Private Company Reporting
Key Escheat Issues
What's Required to Do Escheat Correctly?
Common Noncompliance Areas
Segregation of Duties
Concluding Thoughts
1099s and Other IRS-Related Information Reporting
Determining Status
Obtaining a W-9
1099s and Year-End Reporting
TIN Matching
B Notices
Nonresident Aliens
OFAC and FTO Reporting
P-Card and QPCA Reporting
Additional Reading
Sales and Use Tax
Problems with Proper Tax Compliance
Really Bad Practice
Documented Procedures
Audit Trails
Software or Forms
Streamlined Sales Tax Project: Not a Solution
Overall Guidelines to Conform
Fraud Prevention Controls
Report to the Nation: 2004
Fraudulent Disbursements
Uncovering Fraud
Who Commits These Crimes?
Employee Fraud
Vendor Fraud
Small-Dollar Invoice Fraud
Check Fraud
Demand Draft Fraud
Concluding Thoughts
Documentation Needed to Conform to the Act
Board Authorizations
Audit Trails
Records Retention
Records Retention in Merged Entities
Policy and Procedures Manual
A Written T&E Policy
Other Information that Should Be Shared with All Employees
Concluding Thoughts
Overall Guidelines for Conforming to the Act
Segregation of Duties
Employ Reasonable Hiring and Background-Checking Processes
Establish Internal Controls throughout the Accounts Payable Process
Eliminate Really Bad Accounts Payable Practices
Paper Trails
Monitoring Reports
Automated Monitoring for Compliance
Concluding Thoughts
Sarbanes-Oxley Act of 2002
Segregation of Duties
Blank Check Stock Security Features
Demographics of the Purchase Card and Sarbanes-Oxley Survey
Independent Contractor or Employee 20 Questions
About Accounts Payable Now & Tomorrow
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