By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's attractiveness because the most effective authority on debts payable. She offers nice aspect on all features of the payables structures had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, most suitable facts Services"Mary Schaeffer has performed it back! America's such a lot entire money owed payable specialist has written one other authoritative and finished 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 publication might help you meet the demanding situations dealing with execs who call for potent and effective controls either now and sooner or later. This e-book is a gigantic source and blueprint for any monetary professional."—Bob Lovallo, President, Pinpoint revenue restoration prone, Inc."There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got obvious that offers money owed payable departments with a video game plan, either from a mile-high and an in-the-trenches standpoint. no matter if you're not considering SOX, this consultant presents 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 assistance at the motives, results, and most sensible practices for debts payables inner controls. each accounting, auditing, and knowledge expertise specialist who offers with money owed payable will locate a few priceless feedback during this book."—Dr. Will Yancey, CPA, self sustaining consultant"If you simply learn one booklet at the tasks and tasks of the bills payable representative-make it this one. Ms. Schaeffer is admittedly exceptional at explaining the influence the Sarbanes-Oxley Act may have at the association and its bills payable techniques. no matter if you're a pro debts payable consultant or simply new to the location, this booklet might help you to develop into firmly grounded on your skill to accomplish your position within the bills payable department."—Jerry W. Michael, President, IRSCompliance.orgThe money owed payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all agencies, whether they're publicly traded or no longer. robust inner controls and segregation of tasks should still turn into a customary mind set instead of whatever required by way of legislations. money owed Payable and Sarbanes-Oxley presents a complete review of the Act and lays out the mandatory guidance that impact money owed payable to make sure compliance within the bills payable division.
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Extra info for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
There is no passing the buck or finger pointing allowed here. Specifically, the Act requires that the firm that prepares or issues the audit report shall attest to and report on the assessment made by the management of the firm it has audited. The net result is that stringent internal controls are finally finding their way into the corners of most accounts payable departments. CORPORATE RESPONSIBILITY The press has had a field day at the expense of companies whose top executives made (but clearly didn’t earn) obscene amounts of money while claiming ignorance of the frauds and/or financial shenanigans engineered by their lieutenants.
Of course, this is required only after a determination has been made that the services directly impact financial reporting or internal control environment activities. However, it is probably a good idea to request these reports even if you are not required to comply with SarbanesOxley. Why? Ask for an SAS 70 Type II report to ensure that the organizations that are being used to handle outsourced functions are employing strong internal controls. You will get good information regarding the outsourcer’s controls and effectiveness of those controls.
Insist that the outsourcer disclose the scope of the audit. This will help you put any failures in proper perspective. 25 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 26 The Basics COSO FRAMEWORK: BACKGROUND Faced with the challenge of complying with Section 404, there was a mad scramble to find an approach that would meet all the requirements while not reinventing the wheel. It did not take long before people started talking about the COSO Framework. First published in 1992 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) under the auspicious title of Internal Controls––An Integrated Framework, it seemed like an answer to nervous CFOs’ prayers.