Accounts Payable Internal Controls: How to Reduce Risk and Prevent Fraud
Duration: 60 Minutes
Develop and Improve Internal Controls Based on COSO Frameworks to meet organizational objectives. This session by expert speaker Patrick Haggerty will cover organized approaches to the development of internal control systems and controls based on the COSO frameworks, including risk assessment, development of the control environment, training of employees and the objectives of the business.
Patrick will also discuss how to identify opportunities to improve internal controls that aid in achieving the objectives of the business.
You will be able to identify control improvements and use control principles and classification concepts to develop effective and efficient controls. You will learn how to develop and use detective, preventive and corrective internal controls to mitigate risk, ensure information system security and prevent fraud.
Objectives of the Presentation
Why Should you Attend
- Understand how the COSO frameworks provide an organized approach to development of internal control systems
- Understand how risk assessment can aid in identifying and developing effective controls
- Define preventive, detective and corrective controls and describe examples of each type of control
- Understand the impact of the control environment and the important role that training plays in an effective control system
- Apply control classification and business objectives in the identification of risks and appropriate controls
- Know the SEC's five key principles of a sound data security plan and how to apply them to protect sensitive data
- Identify opportunities to automate controls and improve efficiency and accuracy
Accounts payable is not only responsible for control of cash paid by the business, but also handles sensitive vendor information such as tax ID numbers. Adequate internal control is an essential element of accounts payable operations. Controls serve to protect company assets including company reputation through protection of sensitive information and processes. Controls provide assurance that company records are accurate and complete. They monitor compliance with company policy and compliance with legal and contractual obligations and measure progress toward achievement of organizational objectives. In addition, controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.
This webinar will discuss how controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.
Who will Benefit
- The COSO framework and its approach to risk assessment and control system development
- The importance of defining business objectives
- Key considerations in establishing internal controls
- The importance of the control environment and how it can be fostered and maintained
- Various internal control classification schemes and how cross classification can help identify best practices
- Examples of internal controls and the use of classification schemes
- The importance of a data security plan
- The Federal Trade Commission's key principles of a sound data security plan
- How to apply the FTC principles
- The importance of staff training in establishing the control environment and in the effectiveness of the control system
The webinar will benefit:
- Accounts payable supervisors and personnel
- Systems consultants
- Public accountants
- Internal auditors
- Tax compliance officers
- Enrolled agents
- Officers and managers with accounts payable compliance oversight
- Company/business owners
- Public agency managers
- Audit and compliance personnel/risk managers