By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's popularity because the most desirable authority on money owed payable. She offers nice element on all facets of the payables platforms had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, prime facts companies
"Mary Schaeffer has performed it back! America's such a lot comprehensive money owed payable specialist has written one other authoritative and entire 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 e-book may help you meet the demanding situations dealing with execs who call for powerful 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 obvious that offers debts payable departments with a online game plan, either from a mile-high and an in-the-trenches standpoint. whether you're not fascinated with SOX, this advisor 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, money restoration companions L.L.C
"Mary Schaeffer's e-book offers truly written information at the reasons, effects, and most sensible practices for bills payables inner controls. each accounting, auditing, and data expertise expert who offers with money owed payable will locate a few valuable feedback during this book."
—Dr. Will Yancey, CPA, autonomous consultant
"If you just learn one publication at the tasks and duties of the money owed payable representative-make it this one. Ms. Schaeffer is admittedly fabulous at explaining the influence the Sarbanes-Oxley Act can have at the association and its debts payable tactics. even if you're a pro bills payable consultant or simply new to the location, this booklet can assist you to turn into firmly grounded on your skill to accomplish your position within the debts 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 enterprises, whether they're publicly traded or now not. powerful inner controls and segregation of tasks may still turn into a regular mind set 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 instructions that impact bills payable to make sure compliance within the debts payable department.
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Additional resources for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
Other information as the service organization chooses to include. This report describes the controls in place at a specific point in time. In this report the service auditor will offer its opinion on whether the description of its controls presents fairly the relevant aspects of the organization’s controls and whether the controls were designed appropriately to achieve the specified control objectives. Type II Reports A Type II report includes: ⅷ ⅷ ⅷ Independent Service Auditor’s Report Service organization’s description of controls A description of the service auditor’s test of operating effectiveness and the results of those tests.
That does not mean that there are no requirements. Information from accounts payable flows up into the bigger picture. The requirements for the issuance of financial statements are tight and cannot be met if individual reporting units, such as accounts payable, do not close their books on a timely basis. In addition to the timeliness issue is the question of internal controls in the invoicing process. If the process of closing the books drags out, it can be a reflection of the adequacy of the internal controls––and not a positive one.
Clearly, this is an issue that the accounts payable manager needs to address gingerly. DOCUMENTATION: CHECK SIGNERS AND ACCOUNTS First, the report with all the sensitive information should have a limited distribution. This is a need-to-know report, not one that should be distributed to everyone who might have a passing interest in the data.