By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the best authority on bills payable. She offers nice element on all elements of the payables platforms had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, most suitable info Services"Mary Schaeffer has performed it back! America's such a lot finished debts payable professional has written one other authoritative and accomplished 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 booklet may help you meet the demanding situations dealing with pros who call for potent and effective controls either now and sooner or later. This ebook is a gigantic source and blueprint for any monetary professional."—Bob Lovallo, President, Pinpoint revenue restoration prone, Inc."There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got visible that offers money owed payable departments with a online game plan, either from a mile-high and an in-the-trenches point of view. no matter if you're not inquisitive about SOX, this consultant presents the foundational keep an eye on framework and top practices for any bills payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C"Mary Schaeffer's booklet presents basically written assistance at the reasons, results, and most sensible practices for money owed payables inner controls. each accounting, auditing, and knowledge expertise specialist who bargains with debts payable will locate a few necessary feedback during this book."—Dr. Will Yancey, CPA, self sustaining consultant"If you just learn one booklet at the tasks and obligations of the debts payable representative-make it this one. Ms. Schaeffer is really incredible at explaining the effect the Sarbanes-Oxley Act may have at the association and its money owed payable techniques. even if you're a professional money owed payable consultant or simply new to the location, this booklet may also help you to develop into firmly grounded on your skill to accomplish your position within the bills payable department."—Jerry W. Michael, President, IRSCompliance.orgThe money owed payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all companies, whether they're publicly traded or now not. powerful inner controls and segregation of tasks may still turn into a customary frame of mind instead of whatever required by way of legislation. money owed Payable and Sarbanes-Oxley presents a finished assessment of the Act and lays out the required guidance that impact debts payable to make sure compliance within the bills payable division.
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Jam-packed with worthy information, concepts, illustrative real-world examples, indicates, and most sensible practices, this useful and concise paperback may also help you not sleep thus far at the most up-to-date pondering, suggestions, advancements, and applied sciences in money owed payable.
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Additional info for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
The entirety of enterprise risk management is monitored and modifications made as necessary. Monitoring is accomplished through ongoing management activities, separate evaluations, or both. org. CONCLUDING THOUGHTS Luckily, the COSO Framework was around and gave those organizations looking for a place to start an easy starting point. Of course, those institutions already taking advantage of the discipline it offers were well ahead of the game with their Sarbanes-Oxley requirements. 29 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 30 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 31 3 Invoice Processing At the head of all accounts payable operations is the invoiceprocessing function.
It matches the PO against the receiving documents and the invoice submitted for payment. When all three match, the invoice is processed and a payment scheduled. If there is no match, discrepancies must then be resolved. PURCHASE ORDER PROBLEMS Most PO problems signify a breakdown in internal controls. Accounts payable professionals who have problems getting 32 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 33 Invoice Processing some of these issues addressed can now use the threat of noncompliance with the Sarbanes-Oxley Act to harness management support for their initiatives.
Have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date. The signing officers have disclosed to the issuer’s auditors and the audit committee of the board of directors (or persons fulfilling the equivalent function): All significant deficiencies in the design or operation of internal controls that could adversely affect the issuer’s ability to record, process, summarize, and report financial data and have identified for the issuer’s auditors any material weaknesses in internal controls.
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