Internal Controls in Accounts Payable

Internal controls are a framework of policies, procedures, analysis and strategies put in place by an organization to prevent fraud, ensure the veracity and reliability of financial and accounting information and to protect the organization’s financial assets including – but not limited to – its cash flow.

When it comes to accounts payable, not only do strong internal controls help prevent improper and duplicate payments, they tend to lead to a more efficient procure-to-pay process. Controls are all in the details and this book walks professionals through the discrete tasks comprising and impacting the payment function.

Internal controls in your accounts payable function really do matter. Ignoring them could cost you in ways you never imagined.

Table of Contents

Introduction

Chapter 1: Why Internal Controls Matter

Chapter 2: The Basics of Internal Controls: Theory

Chapter 3: The Basics of Internal Controls: In Practice

Chapter 4: Fraud Prevention Controls and Practices

Chapter 5: Internal Controls and Duplicate Payments

Chapter 6: Where Internal Controls Break Down

Chapter 7: Purchase Orders and Their Role in Internal Controls

Chapter 8: Invoice Processing: The Core of the Accounts Payable Function

Chapter 9: Invoice Related Control Issues

Chapter 10: When Paying by Check: The Internal Control Migraine

Chapter 11: Check Related Control Issues

Chapter 12: Corporate Procurement Cards: An Alternative to Paper Checks

Chapter 13: Electronic Payment Alternatives: A Better Payment Approach

Chapter 14: The Master Vendor File: Where It All Begins

Chapter 15: The Travel and Entertainment Component: Expense Reimbursements

Chapter 16: Computers, Tablets and Smartphones: The Often-Overlooked Control Component

Chapter 17: Controls to Prevent Bribing Foreign Government Officials

Chapter 18: Other Issues That Present Control Concerns

Chapter 19: The Policy and Procedures Manual: Tying It All Together

Glossary

Index

Mary S. Schaeffer, a nationally recognized accounts payable expert, is the author of 18 business books, a monthly newsletter, a bi-weekly e-zine, thousands of articles, and half a dozen CPE courses for CPAs. She worked with the IFO to create the Innovating AP certificate program. Mary runs AP Now, a boutique publishing and consulting firm focused on accounts payable issues. Her clients include companies, both large and mid-size, and vendors who create innovative products and services for the accounts payable space. She is a frequent and popular speaker at both online and live events.