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"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's reputation as the premier authority on accounts payable. She provides great detail on all aspects of the payables systems needed to comply with Sarbanes-Oxley. A must for every controller's bookshelf!"
—Steven Bragg, Premier Data Services
"Mary Schaeffer has done it again! America's most accomplished accounts payable expert has written another authoritative and comprehensive work. This time she takes aim at internal controls and the Sarbanes-Oxley Act as they impact the payables function. Whether or not you are required to comply with the Act, this book will help you meet the challenges facing professionals who demand effective and efficient controls both now and in the future. This book is an enormous resource and blueprint for any financial professional."
—Bob Lovallo, President, Pinpoint Profit Recovery Services, Inc.
"There are many guides to complying with Sarbanes-Oxley yet this text is the first I have seen that provides accounts payable departments with a game plan, both from a mile-high and an in-the-trenches viewpoint. Even if you are not concerned with SOX, this guide provides the foundational control framework and best practices for any accounts payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, Cash Recovery Partners L.L.C
"Mary Schaeffer's book provides clearly written guidance on the causes, consequences, and best practices for accounts payables internal controls. Every accounting, auditing, and information technology professional who deals with accounts payable will find some useful suggestions in this book."
—Dr. Will Yancey, CPA, independent consultant
"If you only read one book on the duties and responsibilities of the accounts payable representative-make it this one. Ms. Schaeffer is absolutely brilliant at explaining the impact the Sarbanes-Oxley Act will have on the organization and its accounts payable procedures. Whether you are a seasoned accounts payable representative or just new to the position, this book will help you to become firmly grounded in your ability to perform your role in the accounts payable department."
—Jerry W. Michael, President, IRSCompliance.org
The accounts payable blueprint to becoming Sarbanes-Oxley compliant
The Sarbanes-Oxley Act provides a rigorous discipline that can be used by all organizations, regardless of whether they are publicly traded or not. Strong internal controls and segregation of duties should become a standard way of thinking rather than something required by law. Accounts Payable and Sarbanes-Oxley provides a comprehensive overview of the Act and lays out the necessary guidelines that affect accounts payable to ensure compliance in the accounts payable department.
Table of Contents
PART I: THE BASICS.
Chapter 1: Sarbanes-Oxley: How It Applies to Accounts Payable.
Chapter 2: Compliance Alternatives: Outsourcing and the COSO Framework.
Chapter 3: Invoice Processing.
PART II: PAYMENT PROCESS.
Chapter 4: Checks.
Chapter 5: Purchasing Cards.
Chapter 6: Electronic Payments: Alternatives to the Paper Check.
PART III: FUNCTIONS RELATED TO AND OFTEN HANDLED IN ACCOUNTS PAYABLE.
Chapter 7: Travel and Entertainment Expense Processing.
Chapter 8: Unclaimed Property (Escheat).
Chapter 9: 1099s and Other IRS-Related Information Reporting.
Chapter 10: Sales and Use Tax.
PART IV: OVERALL GUIDELINES TO CONFORM.
Chapter 11: Fraud Prevention Controls.
Chapter 12: Documentation Needed to Conform to the Act.
Chapter 13: Overall Guidelines for Conforming to the Act.
PART V: APPENDICES.
About Accounts Payable Now & Tomorrow.
About the Author
MARY S. SCHAEFFER is a nationally recognized accounts payable expert. She is the founder and Editorial Director of Accounts Payable Now & Tomorrow, a newsletter for professionals interested in payment issues. She is the author of twelve books and has written hundreds of articles that have appeared in publications such as the New York Times, Corporate Cashflow, Treasury and Risk Management, Business Credit, the Writer, and Newsday. She has an MBA in finance and is a member of the New York Financial Writers' Association.