Mastering AP Internal Controls: How to Reduce Risk and Prevent Fraud

OVERVIEW

With the increase in asset losses as a result of fraud schemes targeting accounts payable, account payable professionals with the knowledge and skills to identify control risks and recommend appropriate solutions are in high demand. 

This webinar training will explain the process of internal controls in account payable operation as per COSO framework, why it is required and how to effectively implement it across organization. Participants will learn how to master internal AP controls: preventive and corrective, to mitigate risk, ensure information system security and prevent fraud.

WHY SHOULD YOU ATTEND?

Accounts payable is in charge of not only controlling the cash paid by the company, but also of handling sensitive vendor information such as tax ID numbers. Internal control is a critical component of accounts payable operations. Controls protect company assets, including company reputation, by safeguarding sensitive information and processes. Controls ensure that company records are correct and complete. They monitor compliance with company policy as well as legal and contractual obligations, and they track progress toward organizational goals.

In addition, controls can result in cost savings by assessing and improving operational efficiency, as well as preventing, detecting, and mitigating errors and fraud.

LEARNING OBJECTIVES

• Understand how the COSO frameworks provide an organized approach to development of internal control systems.
• Understand how risk assessment can aid in identifying and developing effective controls
• Define preventive, detective, and corrective controls and describe examples of each type of control
• Understand the impact of the control environment and the important role that training plays in an effective control system
• Apply control classification and business objectives in the identification of risks and appropriate controls
• Know the SEC's five key principles of a sound data security plan and how to apply them to protect sensitive data
• Identify opportunities to automate controls and improve efficiency and accuracy

AREAS COVERED

• COSO and the COSO framework and its approach to risk assessment and control system development.
• The importance of defining business objectives.
• Key considerations in establishing internal controls.  
• The importance of the control environment and how it can be fostered and maintained.   
• Various internal control classification schemes and how cross-classification can help identify best practices.  
• Examples of internal controls and using classification schemes. 
• The importance of a data security plan.   
• The Federal Trade Commission’s key principles of a sound data security plan.
• How to apply the FTC principles. 
• The importance of staff training in establishing the control environment and in the effectiveness of the control system.

WHO WILL BENEFIT?

This webinar will provide valuable insight for:  

• Accounts Payable Supervisors and Personnel
• Systems Consultants
• Public Accountants
• Internal Auditors
• Tax Compliance Officers
• Enrolled Agents
• Officers and Managers with Accounts Payable Compliance Oversight
• Company / Business Owners
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers.