Accounts Payables Internal Controls Best Practices in a Paperless Environment
About this Event

Overview:

We operate in a paperless environment. Internal controls are more critical in a paperless environment. During COVID-19 companies have deployed employee in remote locations. This “work from anywhere” WFA environment makes internal controls more difficult as events and activities are not performed in central locations. We must rely on technology to combine them to a central platform. Accounts payable is moving to a transactions-based processing environment to replace the outdated documents processing environment. It all starts with accounts payable since it is at the core of all other company processes, systems and functions. Hence accounts payable must drive all internal control elements of awareness and concern. 80% of all transactions are processed through accounts payable. COVID-19 has caused a significant increase in fraud waste and misuse. Robust internal control policies and procedures must the created to cope with the transactions-based accounts payable

COVID-19 has created situations that will remain in a revamped environment. We must take the lessons learned during COVID-19 to re-imagine processes and internal controls in a post COVID-19 environment. The transactions-based environment requires companies to be proactive rather than reactive and interact with transactions in real time to achieve the goals of internal controls

Learning Objective

Learn the value of internal controls for accounts payable in a paperless environment prevent fraud waste and misuse
Learn how to protect company assets, ensure adherence to company goals and objectives through internal controls in accounts payable
Learn the foundation-principles, best practices, interactions and organizational awareness of accounts payable internal controls
Learn the difficulty of establishing internal controls in a paperless environment and how technology can reduce the risks and difficulty COVID-19 Concerns and Challenges

Areas Covered

Webinar Segments Internal Control Best Practices:

Defined approval authority
Separation of duties
Rotating process responsibilities
Maximize technical tools
In-process approval and verification
Control of assets and assigned responsibility
Data management and file retention
Independent verification
All in a technology based paperless platform
COVID-19 concerns and challenges
Technology as an enabler to transactions based

Who Should Attend

Accounts Payable, accounting, supervisory personnel, financial stakeholders responsible for Accounts Payable

Why Should You Attend

This Webinar looks at best practices in accounts payable to include:

Institutional framework
Foundation and Core Principles
Best Procession Practices
Interactions and Interfaces
Technology as an Enables
Organizational and Functional Awareness
COVID-19 Concerns and Challenges
Impact of “work from anywhere” environment
Technology as an enabler to transactions-based processes and inhibitors to fraud waste and misuse accelerated under COVID-19 “work from anywhere” environment