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 Accounts payable is moving to a transactions-based processing environment to replace the outdated documents processing environment.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
Areas Covered
Webinar Segments Internal Control Best Practices:
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:
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