By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's recognition because the superior authority on money owed payable. She offers nice element on all points of the payables platforms had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, superior info Services"Mary Schaeffer has performed it back! America's such a lot complete bills payable specialist has written one other authoritative and accomplished paintings. This time she takes target 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 booklet 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 publications to complying with Sarbanes-Oxley but this article is the 1st i've got noticeable that offers money owed payable departments with a video game plan, either from a mile-high and an in-the-trenches perspective. whether you're not eager about SOX, this advisor offers the foundational keep watch over framework and top practices for any debts payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C"Mary Schaeffer's publication presents truly written suggestions at the explanations, results, and most sensible practices for debts payables inner controls. each accounting, auditing, and data know-how specialist who bargains with money owed payable will locate a few worthwhile feedback during this book."—Dr. Will Yancey, CPA, self sustaining consultant"If you just learn one booklet at the tasks and tasks of the money owed payable representative-make it this one. Ms. Schaeffer is de facto exceptional at explaining the influence the Sarbanes-Oxley Act can have at the association and its money owed payable methods. no matter if you're a pro money owed payable consultant or simply new to the placement, this publication might help you to develop into firmly grounded on your skill to accomplish your position within the debts payable department."—Jerry W. Michael, President, IRSCompliance.orgThe money owed payable blueprint to changing into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all organisations, whether they're publicly traded or no longer. robust inner controls and segregation of tasks may still develop into a customary state of mind instead of anything required via legislation. debts Payable and Sarbanes-Oxley presents a entire review of the Act and lays out the required instructions that have an effect on debts payable to make sure compliance within the bills payable division.
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Additional resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
37 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 38 The Basics This authority can then be subdelegated. Thus, the board might delegate purchasing authority at various dollar levels to several high-level executives, typically by title (not name). These executives then subdelegate to their appropriate staff. All this information should be written down and updated whenever there is a change. This information should be given to the accounts payable department. It should also contain signature specimens similar to those obtained for signature cards for the banks.
AUDITORS’ ASSESSMENT OF INTERNAL CONTROLS In the past, especially in a captive situation, the auditors might have been persuaded to sign off when in their hearts they believed something was amiss. Those days have ended. With the demise of one accounting firm and most of the other big ones facing lawsuits from disgruntled investors who relied on their work in the past, auditors are no longer caving to the demands of their corporate clients. It should also be noted that the public accounting firm hired to audit the books and prepare the annual report must also make the internal control assessment.
And it was. Designed to address some of the risk elements that were brought under harsh scrutiny by some of the derivative debacles of the late 1980s and early 1990s, the COSO Framework, as it came to be affectionately known, also addresses the concerns identified in Section 404 of the Act. The original framework had five components. All had to be satisfied in order for internal controls to be deemed effective. They are: 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5.