Internal Controls in Purchases, Accounts Payable and Payment

Instructor: Francesco Bellandi
Product ID: 702587
Training Level: Intermediate
  • Duration: 90 Min

recorded version

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This 90-minute webinar covers the operational principles and techniques for internal control in purchases, accounts payable and payment.

Why Should You Attend:

Internal controls are an important part of corporate risk management. Internal auditors must know in details specific tests of control. Even operating managers should know internal controls that apply to the areas under their supervision to avoid unintentional consequences of inappropriate procedures and to protect against wrongdoing by others.

This webinar highlights the principles and techniques for internal control in purchases, accounts payable and payment. After a general placement into the COSO framework, the course operationally covers how the processes of purchasing, accounts payable and payment should be designed for internal controls, the specific internal controls that apply to these area, as well as the levels of attribution and delegation of decision power.

Areas Covered in the Webinar:

With reference to purchases, accounts payable and payment:

  • Placement within the COSO framework.
  • Internal control objectives.
  • Internal control responsibilities within the organization.
  • Management authorizations.
  • Matching of financial statement assertions with internal controls.
  • Process workflows enabled for internal control.
  • Internal controls and check lists.
  • Voucher systems.
  • Implication of computer systems on internal controls.

Who will Benefit:

  • Internal Auditors
  • External Auditors
  • Statutory Auditors in certain jurisdictions
  • Accountants
  • Financial Officers
  • Risk Officers
  • Operational Risk Managers
  • Staff with decision and supervision roles and responsibilities in operational departments.

Instructor Profile:

Francesco Bellandi, is a U.S. CPA,CGMA, CA, ACCA Diploma in International Financial Reporting, and MBA. He chairs the IFRS and FASB Subcommittees of the International Accounting & Auditing Committee at the New York State Society of CPAs. He has served as Chief Financial Officer in Alitalia North America & Mexico, New York; Board Director and Chief Financial Officer in Cobalt Waterline Group; Director Finance & Administration in Alitalia – Lufthansa Maintenance; Director Business Planning & Finance SEMEA Southern Europe, Middle East, and Africa in Société Internationale de Télécommunications Aéronautiques; and Financial Controller and Logistics Manager in Ericsson. He has worked for Ernst & Young, and as a Financial Analyst. He was named by the AICPA as one of the IFRS/U.S. GAAP Subject Matter Experts. He serves as Editorial Review Board Member of The CPA Journal, New York. He is the author of The Handbook to IFRS Migration and to IFRS U.S. GAAP Dual Reporting, Wiley, 2012 and Dual Reporting for Equity and Other Comprehensive Income under U.S. GAAP and IFRS, Wiley, 2012.

Topic Background:

Internal control is necessary to provide reasonable assurance concerning reliability of financial reporting, effectiveness and efficiency of operations, safeguard of assets, and compliance with applicable laws and regulations.

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of five private-sector organizations, including the AICPA (The American Institute of CPAs). Its model is a framework for internal control that is used by virtually all businesses and governmental entities in the U.S. and widely used worldwide.

The internal audit function evaluates the organization’s internal control system, its design and effectiveness. In many jurisdictions, the Audit Committee reviews internal audit’s findings, scope, budget, staffing and any related issue. In jurisdictions that require or permit Statutory Auditors, the role of this body also includes a review of internal controls. External auditors also apply tests of control to determine the assessed level of control risk as part of the audit risk. In certain jurisdictions, like the U.S., management must assess the effectiveness of internal control and the external auditors must attest to the assessment made by management and give an opinion on the effectiveness of internal control over financial reporting.

As a result of these points, the knowledge of internal control is indispensable for the proper management of overall corporate risk.

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