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Secure Transaction CPE Credits
4 Credits: Accounting
Course Level
Overview
Format
Self-Study
Course Description
Vendor issues in an effective accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, the way data is entered and the lack of rigid internal controls all play a key role in preventing fraud and duplicate payments. And, it’s not as easy as you might think. There are numerous details, which if ignored, can cause problems whose impact is felt directly in the bottom line. Industry expert Mary Schaeffer delves into this material revealing where the problems are and what every organization should be doing to minimize, if not eliminate, the impact of these issues.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Pinpoint problems that are likely to occur when vendor issues are not addressed in accounts payable
- Integrate the impact of current event changes into the ongoing accounts payable practices
- Identify issues related to proper and improper segregation of duties as they relate to the master vendor file
- Integrate the issues of ownership of the master vendor file into the decision on where responsibility for it should lie
- Delineate issues related to proper and improper segregation of duties as they relate to the master vendor file
- Understand the necessity of regularly cleansing the master vendor file
- Integrate use of TIN Matching program into the vendor set-up routines
- Understand the problems that can arise if games are played with TIN Matching and how to avoid them
- Avoid problems created when vendor contact information is not collected and/or updated
- Integrate controls into accounts payable process to prevent phony e-mails from causing payment fraud
- Identify problems created when vendor credits are not identified and recovered on a regular basis
- Develop practices to include open credit recovery in the regular accounts payable process
- Pinpoint problems that may occur if new vendors are not verified before being set up in the master vendor file
- Create procedures to collect data needed to evaluate critical vendors
- Identify ways to improve vendor relations
- Understand the true motivation behind vendor calls for payment information and integrate that into your responses
- Implement best practices that will help weed out fraudulent invoices
- Identify master vendor file issues related to one-time vendors
Course Specifics
SS124405787
November 12, 2024
There are no prerequisites.
None
99
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Mary S. Schaeffer, MBA, has the inimitable ability to find accounts-payable-related solutions that really work—without making a major dent in the bottom line. Armed with a degree in math and a graduate degree in finance, she takes a “roll up your sleeves and dig into the details” approach to finding solutions to those problems that cause migraines for CFOs, controllers, and managers. Fifteen years spent researching and writing about payment issues gives Mary a unique vantage point. Combine that with an almost equal amount of time spent in the corporate trenches of several large finance and treasury departments, and you’ll understand …
QAS Self-Study
