Securing Your Financial Operations: Internal Controls for Accounts Payable

In this webinar, we will explore systematic approaches to developing internal control systems, utilizing the COSO frameworks. The session will delve into various aspects such as risk assessment, creating a conducive control environment, employee training, and aligning control objectives with business goals. Additionally, we will provide an overview of the resources available from the IRS and the Federal Trade Commission for data security and control systems.

The accounts payable department is responsible not only for managing cash disbursements but also for handling confidential vendor information, such as tax ID numbers. Therefore, implementing effective internal controls is crucial for ensuring smooth operations. These controls play a pivotal role in safeguarding the company's assets, reputation, and sensitive information. Controls ensure that company records are accurate and complete, monitor compliance with company policies, legal and contractual obligations, and track progress towards organizational goals. Additionally, controls can help in identifying areas of operational inefficiencies, reducing costs, and preventing fraud and errors. 

With the rise in asset losses through fraud schemes targeting accounts payable, accounts payable professionals who have the knowledge and skills to identify and control risks and suggest appropriate solutions are in demand.

In this webinar, you will learn how to develop and use detective, preventive, and corrective internal controls to mitigate risk, ensure information system security, and prevent fraud. You will learn methods you can use to identify opportunities to improve internal controls that aid in achieving the objectives of the business and SOX compliance.

Attending the webinar is a must for anyone responsible for managing accounts payable operations. By attending this webinar, you will gain valuable insights into how to protect your company's assets, reputation, and sensitive information. You will also learn about the importance of compliance with company policies, legal and contractual obligations, and how to identify areas of operational inefficiencies.

• Understand how the COSO frameworks provide an organized approach to the 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.
• Understand how the IRS check sheets can be used to enhance 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.

• 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.

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