Internal Control in Accounts Payable

Accounts payable sits at the end of the purchasing process, so weak controls anywhere along the way show up there. This 60-minute webinar on internal control in accounts payable explains management's and audit's roles in keeping the process sound.

A procurement compliance audit does more than flag broken rules. It exposes weaknesses in procurement systems and procedures, and irregularities such as fraud and corruption in how goods and services are sourced.

You'll trace where accounts payable come from, starting with need recognition, then review internal control audit objectives, general controls over acquisitions, receipt and inspection of purchases, best practice for processing checks, vendor allowances, where controls can fail, potential sources of unrecorded payables, and red flags in purchasing, inventory and accounts payable.

• Explain management's and audit's roles in accounts payable controls
• Describe how need recognition starts the purchasing cycle
• Identify where controls can fail and apply good internal control procedures
• Control the receipt and inspection of purchases
• Find potential sources of unrecorded accounts payable
• Recognize red flags in purchasing, inventory and accounts payable

• Where accounts payable come from, starting with need recognition
• Internal control audit objectives
• General controls over acquisitions
• Receipt and inspection of purchases
• Best procedure for processing checks
• Vendor allowances
• Where controls can fail and good internal control procedures
• Potential sources of unrecorded accounts payable
• Red flags in purchasing, inventory and accounts payable fraud

When purchasing processes differ across an organization, contract management becomes reactive and it is harder to monitor procurement fully. Knowing where controls tend to fail helps you close gaps before they lead to losses.

This session suits financial accountants, forensic and internal auditors, financial managers, board members and audit committee members.

Financial Accountants, Forensic Auditors, Internal Auditors, Financial Managers, Board members, Audit Committee members.

Richard E. Cascarino, MBA, CIA, CISM, CFE, CRMA Well known in international auditing, Richard is a principal of Richard Cascarino & Associates based in Colorado, USA and Johannesburg, South Africa with over 32 years of experience in audit training and consultancy. He is a regular speaker at National and International conferences and has presented courses throughout Africa, Europe, the Middle East, and the USA. Richard is a Past President of the Institute of Internal Auditors in South Africa, was the founding Regional Director of the Southern African Region of the IIA-Inc, and is a member of ISACA, and the Association of Certified Fraud Examiners, where he was a member of the Board of Regents for Higher Education.

Richard was Chairman of the Audit Committee of Gauteng cluster 2 (Premier's office, Shared Services, and Health) in Johannesburg and is currently the Chairman of the Audit and Risk Committee of the Department of Public Enterprises in South Africa.