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.
With the rise in asset losses through fraud schemes targeting accounts payable, account payable professionals who have the knowledge and skills to identify control risks and suggest appropriate solutions are in demand. In this webinar you will you will learn how to how to develop and use detective, preventive and corrective internal controls to mitigate risk, ensure information system security and prevent fraud.
The session will cover organized approaches to 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. It will also discuss how to identify opportunities to improve internal controls that aid in achieving the objectives of the business and you can use the need for SOX compliance to facilitate implementation of control improvements.
Participants will learn how to develop and use detective, preventive and corrective internal controls to mitigate risk, ensure information system security and prevent fraud.