By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the optimum authority on bills 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 advantageous information prone
"Mary Schaeffer has performed it back! America's such a lot comprehensive money owed payable professional has written one other authoritative and complete paintings. This time she takes target at inner controls and the Sarbanes-Oxley Act as they influence the payables functionality. even if you're required to conform with the Act, this ebook may also help you meet the demanding situations dealing with execs who call for potent and effective controls either now and sooner or later. This booklet is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration prone, Inc.
"There are many courses to complying with Sarbanes-Oxley but this article is the 1st i've got visible 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 eager about SOX, this consultant presents the foundational keep an eye on framework and most sensible practices for any money owed payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C
"Mary Schaeffer's publication offers essentially written suggestions at the factors, results, and top practices for debts payables inner controls. each accounting, auditing, and knowledge expertise expert who offers with bills payable will locate a few important feedback during this book."
—Dr. Will Yancey, CPA, autonomous consultant
"If you simply learn one e-book at the tasks and obligations of the money owed payable representative-make it this one. Ms. Schaeffer is admittedly really good at explaining the effect the Sarbanes-Oxley Act may have at the association and its debts payable techniques. no matter if you're a professional bills payable consultant or simply new to the location, this publication might help you to turn into firmly grounded on your skill to accomplish your position within the money owed payable department."
—Jerry W. Michael, President, IRSCompliance.org
The bills payable blueprint to turning into Sarbanes-Oxley compliant
The 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 regular state of mind instead of whatever required by way of legislations. Accounts Payable and Sarbanes-Oxley offers a finished review of the Act and lays out the required directions that have an effect on bills payable to make sure compliance within the money owed payable department.
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Extra resources for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
You will get good information regarding the outsourcer’s controls and effectiveness of those controls. However, be aware that there have been some critics of the use of SAS 70 Reports. Problems with SAS 70 Reports For starters, there is a timing issue. You may be relying on a report that is slightly out of date. Remember, the report covers only a six-month period. It is possible that the controls that were in place when the report was prepared are no longer in place or have slipped a bit. Even if one simple step 24 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 25 Compliance Alternatives: Outsourcing and the COSO Framework is omitted from a process, a loophole may be created that destroys the perfect control environment that had existed.
Astute readers are probably already noticing that these requirements seem less strenuous than those outlined in the prior chapter. We will come back to that point further on in this chapter. Practically speaking, companies that outsource now have to address two additional issues if they are to be SarbanesOxley compliant. They are: 20 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 21 Compliance Alternatives: Outsourcing and the COSO Framework 1. The determination of outsourcing with regard to impacting financial reporting 2.
The reason for this is actually quite simple. When a company develops a model, often at considerable expense, it incorporates features that meet its own requirements. Often, these are unique and might actually reflect the corporate culture. And you guessed it: It is unlikely that two companies devel47 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 48 The Basics oping two models separately will come up with the same approach. Even if they are similar, there will be variances. Think about this from a hypothetical accounts payable professional’s point of view.