Controller and CFO’s Guide to Accounts Payable
By Mary S. Schaeffer
Accounts payable, while a seemingly simple process, involves a myriad of tasks. It is much more than getting a bill and paying it. There are significant risks associated with the accounts payable process and it is often the target of fraud and misappropriation. Mary Schaeffer, author of 12 books, is an experienced accounts payable expert and duly qualified to cover this subject. The book is divided into three sections including the core functionality of accounts payable, specialty functions (travel and entertainment, sales and use taxes, 1099 reporting, p-cards), and finally management and oversight issues. The author identifies best practices, advice and insight into problems that arise in the accounts payable function.
While directed towards controllers and CFO’s, this book is useful for internal auditors to familiarize them to an area on which all auditors focus their audit efforts. Auditors will appreciate coverage of the specialty functions, IT initiatives, cash management initiatives, fraud and Sarbanes-Oxley. Internal auditors should consider adding this book of a much audited area to their professional reference library.
