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