By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's recognition because the most desirable authority on bills payable. She offers nice aspect on all elements of the payables structures had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, best info Services"Mary Schaeffer has performed it back! America's such a lot comprehensive bills payable specialist has written one other authoritative and accomplished 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 can assist you meet the demanding situations dealing with pros who call for potent and effective controls either now and sooner or later. This ebook is a gigantic source and blueprint for any monetary professional."—Bob Lovallo, President, Pinpoint revenue restoration providers, 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 online game plan, either from a mile-high and an in-the-trenches standpoint. whether you're not all for SOX, this advisor presents the foundational regulate framework and top practices for any money owed payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C"Mary Schaeffer's booklet offers basically written tips at the reasons, results, and most sensible practices for debts payables inner controls. each accounting, auditing, and data expertise specialist who offers with debts payable will locate a few important feedback during this book."—Dr. Will Yancey, CPA, self sustaining consultant"If you just learn one publication at the tasks and tasks of the debts payable representative-make it this one. Ms. Schaeffer is basically terrific at explaining the impression the Sarbanes-Oxley Act can have at the association and its bills payable methods. no matter if you're a professional debts payable consultant or simply new to the placement, 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.orgThe debts payable blueprint to changing into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all firms, whether they're publicly traded or now not. robust inner controls and segregation of tasks should still turn into a typical mind set instead of whatever required via legislations. debts Payable and Sarbanes-Oxley presents a entire assessment of the Act and lays out the required directions that have an effect on bills payable to make sure compliance within the bills payable division.
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Additional resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
But that did not turn out to be the case. MECHANISM FOR DEMONSTRATING APPROPRIATE CONTROLS The Securities and Exchange Commission (SEC) stepped into the fray and provided a solution. After reviewing Section 404 requirements and interpreting them as they pertain to outsourced operations, the SEC provided a resolution. In June 2004 the SEC announced that companies relying on third-party service providers could rely on Type II SAS 70 reports to assess the internal controls in those operations. Not only was SAS 70 designated as an acceptable method for assessing controls, it is the preferred method.
If there appears to be a breakdown in communication on this issue at the supplier (and some salespeople have little interest in the billing side of things), accounts payable can take the lead and communicate this to the person responsible for billing. There is also an issue when invoices arrive in accounts payable with no indication as to who ordered the items covered by the invoice. Some companies, usually the lead players in an industry, require that either the name of the person ordering the goods or the PO number be included on the invoice.
In June 2004 the SEC announced that companies relying on third-party service providers could rely on Type II SAS 70 reports to assess the internal controls in those operations. Not only was SAS 70 designated as an acceptable method for assessing controls, it is the preferred method. With SAS 70 being held up as the gold standard for an outsourcer’s confirmation of Sarbanes-Oxley compliance, it is now becoming the standard that all outsourcers must meet. Readers should note that SAS 70 was around a long time before Sarbanes-Oxley.
Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls by Mary S. Schaeffer