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AuditNet® Book Review
Accounts Payable and Sarbanes-Oxley Strengthening Your Internal Controls
By Mary S. Schaeffer
A great deal of compliance effort has been devoted to information technology. However accounts payable internal controls within organizations represent a major part of the compliance evaluation effort. The author of this timely book is a recognized accounts payable expert. Her book starts out with basics including how Sarbanes-Oxley applies to the accounts payable function. Auditors devote significant time to examining expenses, procurement and payables as well as vendors. A SAS 70 review is a preferred method of assessing controls over third party providers. Ms. Schaeffer explains the basics of a SAS 70 review as well as COSO and ERM. The author then proceeds with a walk through of invoice processing, the payment process (checks, purchasing cards, electronic payments, travel and entertainment) and unclaimed property. The final part of the book covers fraud prevention controls. Most auditors will understand the significance of internal controls over accounts payable. This book may help to share this appreciation and knowledge with treasurers, controllers, accounting and accounts payable managers for the benefit of the organization.
