By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's recognition because the most excellent authority on debts payable. She presents nice element on all points of the payables structures had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, best information Services"Mary Schaeffer has performed it back! America's so much comprehensive money owed payable specialist has written one other authoritative and entire 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 ebook can assist you meet the demanding situations dealing with execs 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 providers, Inc."There are many courses to complying with Sarbanes-Oxley but this article is the 1st i've got obvious that offers debts payable departments with a video game plan, either from a mile-high and an in-the-trenches standpoint. no matter if you're not serious about SOX, this advisor offers the foundational regulate framework and top practices for any money owed payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C"Mary Schaeffer's booklet offers essentially written information at the factors, results, and top practices for bills payables inner controls. each accounting, auditing, and data know-how expert who bargains with bills payable will locate a few beneficial feedback during this book."—Dr. Will Yancey, CPA, self sufficient consultant"If you just learn one publication at the tasks and duties of the money owed payable representative-make it this one. Ms. Schaeffer is basically extraordinary at explaining the effect the Sarbanes-Oxley Act could have at the association and its bills payable methods. even if you're a pro debts payable consultant or simply new to the placement, this ebook can assist you to turn into firmly grounded on your skill to accomplish your position within the debts payable department."—Jerry W. Michael, President, IRSCompliance.orgThe bills payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all firms, whether they're publicly traded or no longer. robust inner controls and segregation of tasks should still turn into a regular state of mind instead of whatever required through legislation. money owed Payable and Sarbanes-Oxley offers a entire assessment of the Act and lays out the mandatory directions that have an effect on money owed payable to make sure compliance within the money owed payable division.
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Additional resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
Information and Communication. Relevant information is identified, captured, and communicated in a form and time frame that enable people to carry out their responsibilities. Effective communication also occurs in a broader sense, flowing down, across, and up the entity. Monitoring. 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.
To satisfy Sarbanes-Oxley, good documentation of policies and procedures is essential. Thus, it is suggested that accounts payable and purchasing work together on the project of documenting PO requirements and the communication between the two departments over what’s on the PO and how that information is disseminated to accounts payable. What formerly may have been a territorial issue can no longer be that. Information must be shared and petty interdepartmental issues must be put aside. A comprehensive set of procedural instructions will go a long way in ensuring that: ⅷ ⅷ ⅷ Accurate information is shared on a timely basis.
SARBANES-OXLEY REQUIREMENTS IF USING AN OUTSOURCER Under Sarbanes-Oxley, management is responsible for evaluating the design and effectiveness of the control structure in place both within the third-party provider and between the two organizations if an outsourcer is used and it directly impacts the financial reporting or internal control environment activities. So, you can see, the control requirements do not completely go away simply by outsourcing the function. Astute readers are probably already noticing that these requirements seem less strenuous than those outlined in the prior chapter.
Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls by Mary S. Schaeffer