Internal Controls Surrounding the Accounts Payable Controls
Internal Controls Surrounding the Accounts Payable Controls
INTRODUCTION
Internal accounting controls are a series of procedures designed to promote and protect sound management practices, both general and financial in nature. The controls promote:
- Financial information that is reliable and timely
- Assets and records of the school district that are safeguarded (not stolen, misused, or accidentally destroyed)
- The school district’s policies being followed
- Government regulations being met
WHO SHOULD ATTEND?
- This program provides a user-friendly environment to develop the knowledge and techniques related to accounts payable
- You may be pursuing and developing a career in accounting, purchasing, warehousing and distribution, or stock control
- Or you may already be employed as a supervisor, team leader, manager, senior manager/director, or vice-president in any of these functions within the business
- The benefits of this program may be gained by anyone employed within these roles in any organization
COURSE OUTLINE
- The Control Environment
- The control environment and the accounts payable cycle
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring
- The purchasing Cycle
- Segregation of Duties
- Control Activities that will Minimize Risks Associated with Accounts Payable Cycle
- Segregation of the duties
- Responsibilities for expenditure approval function segregated from those responsibilities for the actual purchase order preparation and purchasing functions.
- The responsibilities for disbursement/expenditure preparation and approval functions should be segregated from those for recording cash disbursements into ledgers.
- Procedural Controls for Accounts Payable/Disbursements
- Purchase Orders
- Competitive Purchasing
- Legal Requirements
- What are Commodities?
- Small purchases
- Midrange Purchases
- Large Purchases
- Lease Purchase Authorization
- Emergency Purchase Procedure
- What Constitutes an Emergency?
- Exceptions from Bidding Requirements
- Federal Purchases
- Paying Claims
- The need for an imprest fund
- The Vendor Master File
- Bond Employees
- Monitoring Opportunities