Mastering AP Internal Controls: How to Reduce Risk and Prevent Fraud
Speaker: Patrick Haggerty
Speaker Designation: Owner, Tax and Consulting Services
Speaker: Patrick Haggerty
Speaker Designation: Owner, Tax and Consulting Services
Accounts payable is not only responsible for control of cash paid by the business but also handles sensitive vendor information such as tax ID numbers. Adequate internal control is an essential element of accounts payable operations. Controls serve to protect company assets including company reputation through the protection of sensitive information and processes. Controls ensure that company records are accurate and complete. They monitor compliance with company policy and compliance with legal and contractual obligations and measure progress toward the achievement of organizational objectives. In addition, controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection, and mitigation of errors and fraud.
The session will cover organized approaches to the development of internal control systems and controls based on the COSO frameworks, including risk assessment, development of the control environment, training of employees, and the objectives of the business. The webinar will also provide an overview of IRS and Federal Trade Commission resources related to data security and control systems.
With the rise in asset losses through fraud schemes targeting accounts payable, accounts payable professionals who have the knowledge and skills to identify and control risks and suggest appropriate solutions are in demand. In this webinar, you will learn how to develop and use detective, preventive, and corrective internal controls to mitigate risk, ensure information system security, and prevent fraud. You will learn methods you can use to identify opportunities to improve internal controls that aid in achieving the objectives of the business and SOX compliance.
As a result of this session, you should:
In today's dynamic business environment, organizations face growing challenges in managing Accounts Payable (AP) processes efficiently while mitigating the risks associated with fraud and financial discrepancies. AP departments play a critical role in safeguarding financial integrity, and mastering internal controls is essential for businesses striving to maintain a robust and secure financial ecosystem. The webinar, "Mastering AP Internal Controls: How to Reduce Risk and Prevent Fraud," is designed to equip finance professionals, AP managers, and business leaders with the knowledge and strategies needed to establish effective internal controls within their Accounts Payable functions.
Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.