By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's acceptance because the most appropriate authority on money owed payable. She offers nice element on all facets of the payables structures had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"—Steven Bragg, ideal information Services"Mary Schaeffer has performed it back! America's so much comprehensive bills payable specialist has written one other authoritative and entire paintings. This time she takes objective at inner controls and the Sarbanes-Oxley Act as they effect the payables functionality. even if you're required to conform with the Act, this publication might help you meet the demanding situations dealing with execs who call for potent and effective controls either now and sooner or later. This ebook is a gigantic source and blueprint for any monetary professional."—Bob Lovallo, President, Pinpoint revenue restoration companies, Inc."There are many courses to complying with Sarbanes-Oxley but this article is the 1st i've got noticeable that gives money owed payable departments with a online game plan, either from a mile-high and an in-the-trenches standpoint. no matter if you're not occupied with SOX, this consultant presents the foundational keep watch over framework and top practices for any money owed payable department."—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C"Mary Schaeffer's booklet offers in actual fact written information at the reasons, results, and top practices for money owed payables inner controls. each accounting, auditing, and knowledge know-how expert who offers with debts payable will locate a few worthy feedback during this book."—Dr. Will Yancey, CPA, autonomous consultant"If you just learn one booklet at the tasks and duties of the debts payable representative-make it this one. Ms. Schaeffer is admittedly incredible at explaining the impression the Sarbanes-Oxley Act may have at the association and its debts payable systems. no matter if you're a professional money owed payable consultant or simply new to the placement, this ebook may help you to develop into firmly grounded on your skill to accomplish your function within the debts payable department."—Jerry W. Michael, President, IRSCompliance.orgThe bills payable blueprint to turning into Sarbanes-Oxley compliantThe Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all organisations, 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 through legislation. debts Payable and Sarbanes-Oxley presents a entire evaluate of the Act and lays out the required directions that impact bills payable to make sure compliance within the money owed payable division.
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This publication may help an individual who's chargeable for a payroll division to control payroll services with the utmost potency and inside of compliance necessities. it is going to exhibit the optimum equipment for the fundamental features of payroll via to yr finish and administration. Proposed chapters include:
Part One simple features of the Payroll Department
1. Time files, 2. shape W-4, three. New Hires, four. mistakes and Corrections, five. Tax Deposits and Reporting, 6. Garnishments
Part Staffing the Payroll Department
7. making a decent Payroll division, eight. coping with the employees, nine. employees Motivation and Morale, 10. operating with Human assets and different Departments
Part 3 administration Issues
11. customer support, 12. Fraud, thirteen. facing the inner profit carrier, 14. dealing with division of work Audits, 15. Compliance concerns, sixteen. learn Needs
Part 4 merits and the Payroll Department
17. may still Payroll deal with the Company's advantages? 18. 12 months finish and yr starting Issues
Part 5 Payroll Systems
19. targets of a automatic Payroll approach, 20. Interfacing and Integration, 21. picking out a Computerize Payroll method, 22. Controls and safety for the Payroll process, 23. catastrophe recuperate a needs to, 24. Time and Attendance structures, 25. worker Self carrier Systems
Part Six Paying Employees
26. Paper exams are nonetheless an choice, 27. Direct Deposit, 28. Paycards
Part Seven yr End
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Part 8 Payroll and the recent Year
34. establishing the Payroll method for the hot yr, 35. constructing the Payroll division for the recent Year
Part 9 Professionalism and the Payroll Department
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Additional resources for Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
As you might imagine, there was an uproar from the accounting firms on this issue. However, on the ancillary services front, the Act took a hatchet to the accounting firms’ bottom line. The list of what a registered public accounting firm may not provide to its audit client is extensive. Specifically, the firm cannot offer any nonaudit service to an issuer contemporaneously with the audit, including: ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ Bookkeeping or other services related to the accounting records or financial statements of the audit client Financial information systems design and implementation Appraisal or valuation services, fairness opinions, or contribution-in-kind reports Actuarial services Internal audit outsourcing services Management functions or human resources Broker or dealer, investment adviser, or investment banking services Legal services and expert services unrelated to the audit Any other service that the board determines, by regulation, is impermissible This does not mean that an accounting firm cannot offer any services outside of the audit.
When an invoice shows up that has no PO related to it, the internal controls are weakened. However, non-PO invoices are a fact of life for many organizations. Typically, they are marked, “Okay to Pay,” and signed by an employee authorized to approve purchases. Sometimes these invoices are attached to a check request form and sometimes they are not. As you can imagine, the controls on such purchases are weaker than the controls associated with a PO. Additional problems, especially with low-dollar non-PO invoices include: ⅷ ⅷ ⅷ No real verification of the product received No verification of whether the produce was ordered, meets standards, and so forth No real verification as to whether this is a duplicate invoice No Invoice Number Many non-PO invoices, as well as some invoices associated with POs, have no invoice number.
Even where signing is an option, we know of no organization that makes that fact clear to the managers in question. Rather, it comes to light when managers have balked at signing. In other cases, a manager who refuses to sign can be terminated. While it is readily apparent as to why management would want a certification from the line managers, it is not so clear as to whether this requirement is reasonable. These subcertifications are also referred to as cascading certifications and upstream certifications.