Internal Controls in Accounts Payable

Upon successful completion of this course, participants will be able to:

• Detect problems likely to occur as a result of weak controls;
• Identify the regulatory consequences of poor or ineffective controls;
• Identify accounts payable practices that weaken controls;
• Pinpoint problems likely to occur if strong controls are not used in accounts payable;
• Delineate problems created when segregation of duties are not set up correctly;
• Identify issues that arise due to poor internal controls;
• Identify the relationship between fraud and poor internal controls;
• Identify weak control practices that enable duplicate payments;
• Identify places where internal controls commonly breakdown in accounts payable;
• Cite how an accounts payable policy and procedures manual strengthens controls;
• Identify places where purchase orders cause control problems;
• Identify how best invoice control practices improve the processing function;
• Cite how control issues can fail during the month-end and year-end close;
• Cite proper controls regarding the check production process;
• Identify controls related to check request forms;
• Identify controls that should be incorporated into every corporate procurement program;
• Cite best control practices related to electronic payments;
• Cite how controls around the master vendor file prevent fraud and help the bottom line;
• Identify how to control expense reimbursement fraud;
• Cite why it is important to have a policy regarding employees using personal devices for work;
• Identify how to check for bribery into the accounts payable department;
• Identify control problems created when employees share passwords;
• Cite the importance of eliminating petty cash boxes;
• Identify issues created by super users of ERP systems;
• Identify how a good policy and procedures manual can strengthen internal controls; and
• Cite how updating the policy and procedures manual on a regular basis strengthens internal controls.