Read e-book online Accounts Payable and Sarbanes-Oxley: Strengthening Your PDF
By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the optimum authority on money owed payable. She offers nice element on all elements of the payables structures had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, most efficient information Services"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 goal at inner controls and the Sarbanes-Oxley Act as they impression the payables functionality. even if you're required to conform with the Act, this booklet can assist you meet the demanding situations dealing with pros who call for potent and effective controls either now and sooner or later. This publication is a gigantic source and blueprint for any monetary professional."—Bob Lovallo, President, Pinpoint revenue restoration companies, Inc."There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got noticeable that gives money owed payable departments with a video game plan, either from a mile-high and an in-the-trenches perspective. no matter if you're not thinking about SOX, this consultant presents the foundational regulate framework and most sensible practices for any debts payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C"Mary Schaeffer's booklet presents in actual fact written tips at the reasons, results, and top practices for bills payables inner controls. each accounting, auditing, and data expertise expert who offers with bills payable will locate a few invaluable feedback during this book."—Dr. Will Yancey, CPA, self sustaining consultant"If you simply learn one publication at the tasks and obligations of the debts payable representative-make it this one. Ms. Schaeffer is basically very good at explaining the effect the Sarbanes-Oxley Act could have at the association and its debts payable methods. even if you're a professional bills payable consultant or simply new to the placement, this ebook can help you to turn into firmly grounded on your skill to accomplish your function within the money owed payable department."—Jerry W. Michael, President, IRSCompliance.orgThe debts payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all companies, whether they're publicly traded or no longer. robust inner controls and segregation of tasks may still develop into a typical frame of mind instead of whatever required by way of legislation. bills Payable and Sarbanes-Oxley offers a accomplished assessment of the Act and lays out the required instructions that impact bills payable to make sure compliance within the debts payable division.
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Extra info for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
TIMELY DISCLOSURE Standard Filings One of the goals of the Act is to get accurate financial information into the hands of investors as quickly as possible. The Act talks about getting the data to investors in real time. While this is not quite possible, the time frames for releasing financial statements have been reduced. The Act requires “almost real time” disclosure. This means that each month, the pressure on accounts payable (as well as other functions within the company) to close quickly will intensify.
They do not know the full extent of the audit, which would help them put the reports of failure in some perspective. There is also the touchy issue of auditor independence and conflicts of interest. This can occur when the outsourcer’s auditor is also the auditor of your company. With only four big firms, this is becoming a more common occurrence. What Can Be Done if You Must Rely on SAS 70 Reports There are several things a company can do if it must rely on SAS 70. These are issues that should be raised when negotiating with the outsourcer initially.
You are not. The directors referred to in this policy are the executives who sit on your company’s board of directors. 17 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 18 The Basics This, of course, brings up the issue of whether it is fair to cover the top officers and directors while leaving the rankand-file employees out there to dry if they sign a subcertification that turns out to be false. CONCLUDING THOUGHTS The Sarbanes-Oxley Act provides a rigorous discipline that can be used by all organizations, regardless of whether they are publicly traded or not.
Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls by Mary S. Schaeffer