Accounts payable sits at the end of the purchasing process, so weak controls anywhere along the way show up there. This 60-minute webinar on internal control in accounts payable explains management's and audit's roles in keeping the process sound.
A procurement compliance audit does more than flag broken rules. It exposes weaknesses in procurement systems and procedures, and irregularities such as fraud and corruption in how goods and services are sourced.
You'll trace where accounts payable come from, starting with need recognition, then review internal control audit objectives, general controls over acquisitions, receipt and inspection of purchases, best practice for processing checks, vendor allowances, where controls can fail, potential sources of unrecorded payables, and red flags in purchasing, inventory and accounts payable.
WHY SHOULD YOU ATTEND?
When purchasing processes differ across an organization, contract management becomes reactive and it is harder to monitor procurement fully. Knowing where controls tend to fail helps you close gaps before they lead to losses.
This session suits financial accountants, forensic and internal auditors, financial managers, board members and audit committee members.
AREA COVERED
- Where accounts payable come from, starting with need recognition
- Internal control audit objectives
- General controls over acquisitions
- Receipt and inspection of purchases
- Best procedure for processing checks
- Vendor allowances
- Where controls can fail and good internal control procedures
- Potential sources of unrecorded accounts payable
- Red flags in purchasing, inventory and accounts payable fraud
LEARNING OBJECTIVES
- Explain management's and audit's roles in accounts payable controls
- Describe how need recognition starts the purchasing cycle
- Identify where controls can fail and apply good internal control procedures
- Control the receipt and inspection of purchases
- Find potential sources of unrecorded accounts payable
- Recognize red flags in purchasing, inventory and accounts payable
WHO WILL BENEFIT?
Financial Accountants, Forensic Auditors, Internal Auditors, Financial Managers, Board members, Audit Committee members.
When purchasing processes differ across an organization, contract management becomes reactive and it is harder to monitor procurement fully. Knowing where controls tend to fail helps you close gaps before they lead to losses.
This session suits financial accountants, forensic and internal auditors, financial managers, board members and audit committee members.
- Where accounts payable come from, starting with need recognition
- Internal control audit objectives
- General controls over acquisitions
- Receipt and inspection of purchases
- Best procedure for processing checks
- Vendor allowances
- Where controls can fail and good internal control procedures
- Potential sources of unrecorded accounts payable
- Red flags in purchasing, inventory and accounts payable fraud
- Explain management's and audit's roles in accounts payable controls
- Describe how need recognition starts the purchasing cycle
- Identify where controls can fail and apply good internal control procedures
- Control the receipt and inspection of purchases
- Find potential sources of unrecorded accounts payable
- Recognize red flags in purchasing, inventory and accounts payable
Financial Accountants, Forensic Auditors, Internal Auditors, Financial Managers, Board members, Audit Committee members.