Course ID: AACP1108E - Accounts Payable and SOX Course Text: Accounts Payable and Sarbanes-Oxley: Stengthening Your Internal Controls - BOOK NOT INCLUDED Text Author: Mary S. Schaeffer Credit Hours: 8 NASBA Category: Accounting Course Level: Intermediate Prerequisites: None Delivery: Interactive Format: Book ISBN-10: 0471785881 ISBN-13: 978-0471785880

Course Description:  Accounts Payable, more than any other department, needs to comply with Sarbanes-Oxley. This course examines the need for strong internal controls that are integral to the efficient operation of a well-run department. This course discusses why the controls demanded by the Act are important to both public and private companies and provides an overview of the Act, specifically sections 404 and 302. This course analyzes how poor controls surrounding the payment function can result in large scale fraud and it explores related areas where organizations sometimes run into trouble- including 1099s, T&E, unclaimed property and sales and use tax. It also provides some overall guidelines to help conform to the Act.   A must read for treasurers, controllers, cash managers, accounts payable managers, accounting managers, and small business owners. An interesting course whether or not your company needs to be SOX compliant.

Learning Objectives: To provide assistance in meeting the challenges facing accounting professionals requiring effective and efficient controls both now and in the future. To overview the causes, consequences and best practices for the internal controls of the accounts payable function.

To view a copy of the  exam click here. 

Editorial Review of the Text:

"There are many guides to complying with Sarbanes-Oxley yet this text is the first I have seen that provides accounts payable departments with a game plan, both from a mile-high and an in-the-trenches viewpoint. Even if you are not concerned with SOX, this guide provides the foundational control framework and best practices for any accounts payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, Cash Recovery Partners L.L.C

"Mary Schaeffer's book provides clearly written guidance on the causes, consequences, and best practices for accounts payables internal controls. Every accounting, auditing, and information technology professional who deals with accounts payable will find some useful suggestions in this book."
—Dr. Will Yancey, CPA, independent consultant

"If you only read one book on the duties and responsibilities of the accounts payable representative-make it this one. Ms. Schaeffer is absolutely brilliant at explaining the impact the Sarbanes-Oxley Act will have on the organization and its accounts payable procedures. Whether you are a seasoned accounts payable representative or just new to the position, this book will help you to become firmly grounded in your ability to perform your role in the accounts payable department."
—Jerry W. Michael, President, IRSCompliance.org

Patricia's comments:   This book was an easy read. It is written well and interesting. One of the key points was that even companies that do not need to comply with Sarbaes Oxley can use some of these controls to be efficient and productive. I  actually found the second part of the book the most interesting with its discussion on functions related to and often handled in accounts payable such as 1099s, non-residents and TIN matching. Some of the information on conforming to the guidelines seemed pretty commonsense but, since Sarbanes-Oxley had to be enacted in the first place,what is common sense to one is apparently not to all. It was good accounting book and definitely a worth while read.

• Preface.

    

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  Exam Only $30.00

             

   

   

   

• About the Author.
• Chapter 1. Sarbanes-Oxley: How It Applies to Accounts Payable 
• Chapter 2. Compliance Alernatives: Outsourcing and the COSO Framework 
• Chapter 3. Invoice Processing.
• Chapter 4. Check.
• Chapter 5. Purchasing Cards
• Chapter 6. Electronic Payments: Alternatives to the Paper Check
• Chapter 7. Travel and Entertainment Expense Processing.
• Chapter 8. Unclaimed Property (Escheat)
• Chapter 9: 1099s and other IRS-Relate Information  Reporting
• Chapter 10: Sales and Use Tax
• Chapter 11: Fraud Prevention Controls
• Chapter 12: Documentation Needed to Conform to the Act
• Chapter 13. Overall Guidelines for Conforming to the Act
• Part V - Appendices
• Index