Develop and Improve Internal Controls Based on COSO Frameworks to Meet Organizational Objectives
Accounts payable is not only responsible for 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 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 achievement of organizational objectives. In addition, controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.
This session by expert speaker Patrick Haggerty will cover organized approaches to the development of internal control systems and controls based on the COSO frameworks, including risk assessment, development of the control environment, training of employees, and the objectives of the business. Patrick will also discuss how to identify opportunities to improve internal controls that aid in achieving the objectives of the business. You will be able to identify control improvements and use control principles and classification concepts to develop effective and efficient controls. You will learn how to how to develop and use detective, preventive and corrective internal controls to mitigate risk, ensure information system security and prevent fraud.
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 the use of 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
NASBA Category of Study: Accounting
Who Should Attend
Accounts payable supervisors and personnel
Tax compliance officers
Officers and managers with accounts payable compliance oversight
Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to repr...