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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
Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.
The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
Drawing on her many years as a consultant to numerous companies big and small, author Rose Hightower infuses Internal Controls Policies and Procedures with her wealth of experience and knowledge. Instead of reinventing the wheel, your company can use this useful how-to manual to quickly and effectively put a successful program of internal controls in place. Complete with flowcharts and checklists, this essential desktop reference is a best practices model for establishing and enhancing your organization's control framework. These manuals are favorites for organizations and companies that need a foundation and grounding to ensure an internal control posture of integrity, credibility, method, process and process: or a reminder of its importance. URLs were included when first published to encourage the dissemination and distribution of relevant chapters to those interested and in charge of the specific departments. Although times have changed, the principles professed are sound and solid for today’s accounting and business environment. Implementing these cornerstones will produce a principled manageable approach. These manuals can be used by accounting individuals, finance departments, sole proprietor businesses, large corporations, accounting / auditing students and any others interested in specific topics or general disciplines. The discipline for the oversight processes and procedures are important when introducing or implementing auditing practices whether in accounting or throughout the organization. These manuals should be used together to provide the basics when setting up a department or specific process discipline, for learning about the strengths, weaknesses and opportunities within the specific focus areas.
Step-by-step guidance on creating internal controls to manage risk Internal control is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations, and policies. This is a "toolkit" approach that addresses a practical need for a series of standards of internal controls that can be used to mitigate risk within any size organization. Inadequate internal controls can cause a myriad of problems that adversely affect its ability to provide reliable, timely, and useful financial and managerial data needed to support operating, budgeting, and policy decisions. Reliable data is necessary to make sound business decisions. • Toolkit approach with detailed controls and risks outlined for key business processes • Foundational for SOX 404 initiatives • Key material to improve internal control efforts • Guidance during M&A projects Poor controls over data quality can cause financial data to be unreliable, incomplete, and inaccurate—this book helps you control that quality and manage risk.
Have you ever wondered where your processes stand against industry leaders or how you can take your services and organizational procedures to state of the art levels? Are you frustrated because you don't think you have the finanical or human resources needed to employ 'best' practices? This handy resource provides documented strategies and tactics for accounts payable used by several highly admired companies. You'll gain practical knowledge you can turn into "Best" (or Almost Best) Practices as well as examples of practices to avoid. Order your copy today!
Get the most complete guide to running a valuable accounts payable department with Accounts Payable, Second Edition. This updated edition continues where the successful first edition left off, providing all the critical information and guidance top professionals need to run an efficient department, complete with coverage of the innovative issues now facing the field and new material on: Encryption and digital signatures Electronic invoicing Purchase cards Post audit firms Petty cash Vendor fraud Certification . . . and more! Order your copy today! .
An accounting textbook that describes the objectives and practices of internal control.
Controls are an essential ingredient of the modern business, since they can reduce error rates, minimize fraud, and ensure that procedures are completed in a consistent manner. The Accounting Controls Guidebook reveals the controls you need for every accounting system, from billings to financial reporting, in addition to such operational areas as order processing, shipping, and receiving. Controls are separately stated for manual and computerized accounting systems. The book also addresses types of controls, control principles, the proper balance of control systems, and how to construct a system of controls. In short, this is the essential desk reference for the accountant who wants to install and maintain a well-constructed system of controls.