Accounts payable is not only responsible for the 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 provide assurance 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 the assessment and improvement of operational efficiency as well as the prevention, detection, and mitigation of errors and fraud. 

Areas Covered:

• COSO and the COSO framework and its approach to risk assessment and control system development
• The importance of defining business objectives
• Key considerations in establishing internal controls 
• The importance of the control environment and how it can be fostered and maintained
• Various internal control classification schemes and how cross-classification can help identify best practices
• Examples of internal controls and using classification schemes
• The importance of a data security plan
• The Federal Trade Commission's key principles of a sound data security plan
• How to apply the FTC principles
• The importance of staff training in establishing the control environment and in the effectiveness of the control system