Dublin, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The "Accounts Payable Best Practices" training has been added to ResearchAndMarkets.com's offering.
Given the current business environment, mounting regulatory pressures, and the increased visibility and importance of the accounts payable function, best practices are something with which every professional needs to be conversant.
While it has always been good business practice to monitor and manage supplier risks, the stakes have increased in recent years. Now, more than ever, failing to meet regulatory requirements and expectations can mean potentially significant penalties and remediation costs, as well as serious organizational reputational exposures.
Integrated into this process is the accounting for, and internal controls over, the Accounts Payable process.
Areas Covered:
- Best Practices Overview
- Verifying Supplier Taxpayer Identification Number (TIN)s
- EPayments and Accounting for them
- Controlling the Master Vendor File Access
- Best Practices in detecting AP Fraud
- How to conduct the effective AP fraud management
- Red Flag and indicators of AP fraud and how to prevent it
- Internal Controls and Other Fraud Prevention Measures
- Vendor/billing fraud schemes
- Fraudulent AP financial reporting
- Evolving Fraud Opportunities and Best Control Practices
- Ensuring Regulatory Compliance
Key Topics Covered:
Day 01 (8:00 AM to 3:00 PM PST)
8:00 AM - 8:14 AM: Introduction, Meet & Greet
8:15 AM - 8:59 AM: Best Practices Overview
- Why best practices matter
- Why best practices are changing
- Best and worst practices
9:00 AM - 9:44 AM: Verifying Supplier Taxpayer Identification Number (TIN)s
- Verifying TIN information
- IRS TIN Matching
9:45 AM - 9:59 AM: Break time
10:00 AM - 10:29 AM: EPayments and Accounting for them
- Phishing and Spoofing
- Business Email Compromise (BEC) Frauds
- Converting vendors to ACH
10:30 AM - 10:59 AM: Controlling Master Vendor File Access
- Master vendor file best practices
- Vendor Master Analysis
- Good master vendor file access control
- Verifying master vendor file updates
11:00 AM - 11:59 AM: Best Practices in detecting AP Fraud
- Fraud Defined
- Software to Detect Fraud
- Using CAATS to detect fraud
- Benford Analysis
12:00 Noon - 12:29 PM: Lunch
12:30 PM - 12:59 PM: How to conduct the effective AP fraud management
- Pervasive Control Deficiencies
- Establishing Proper Environment
- Lifestyle Probes
1:00 PM - 1:44 PM: Red Flag and indicators of AP fraud and how to prevent it
- Red Flags in Purchasing/Inventory
- Accounts Payable Fraud Red Flags
- Source Documents Fraud Symptoms
1:45 PM - 1:59 PM: Break time
2:00 PM - 2:29 PM: Internal Controls and Other Fraud Prevention Measures
- General Controls over Acquisitions
- Processing checks Best Procedure
- Vendor Allowances
2:30 PM - 3:00 PM: Q/A session, verbal interaction
Day 02 (8:00 AM to 3:00 PM PST)
8:00 AM - 8:14 AM: Day1 Review
8:15 AM - 8:59 AM: Vendor/billing fraud schemes
- Bribes and kickbacks.
- Bid rigging.
- Defective pricing.
- Phantom vendors
- Product substitution.
9:00 AM - 9:44 AM: More Vendor/billing fraud schemes
- Cost mischarging.
- Contract specification failures.
- Duplicate, false, or inflated invoices.
- Split purchases.
- Unnecessary purchases
9:45 AM - 9:59 AM: Break time
10:00 AM - 10:29 AM: Fraudulent AP financial reporting
- Life Cycle of Purchases
- Defining Financial Statement Fraud
- Centralize your Accounts Payable processing and reporting
10:30 AM - 10:59 AM: Evolving Fraud Opportunities
- Threats within attacks
- External threats
- Cybersecurity
- Money Laundering
11:00 AM - 11:59 AM: Best Modern Control Practices
- Implementing Effective Preventative Measures
- Fraud-combating Strategy
- Techniques to Discourage Fraud
- Using Data Analytics
12:00 Noon - 12:29 PM: Lunch
12:30 PM - 12:59 PM: The changing Regulations
- Governance and Control Models
- National and International regulations
- Penalties and avoidance
1:00 PM - 1:44 PM: Ensuring Regulatory Compliance
- The Taxonomy of Fear
- Data Analysis and Data Mining
- Keeping abreast of changes
1:45 PM - 1:59 PM: Break time
2:00 PM - 2:29 PM: Course Summary and Lessons Learned
- Building a structured Architecture
- Where do we start
2:30 PM - 3:00 PM: Q/A session, verbal interaction
For more information about this training visit https://www.researchandmarkets.com/r/96lmkj
