This two day seminar will focus on internal controls best practices for the Procure to Pay (P2P) process. Attendees will learn about internal controls best practices by reviewing the Internal Controls Questionnaires (ICQ) for each component of the P2P process. The course material will highlight the impact that the P2P process can have on an organization and will also indicate the key risks that must be considered within a P2P internal controls program.
The course will follow an Internal Controls Questionnaire (ICQ) approach to the course material that will review each key transaction within the P2P process. This knowledge will then be applied to the analysis of real life case studies from all components of the P2P process that include: procurement, receiving, and accounts payable (AP).
This workshop will:
- Present attendees with a unique opportunity to discuss what went wrong to determine the key internal controls that were missing.
- Spotlight the three critical corporate controls, the standards of internal control for P2P, and the top twenty controls for AP.
- Detail dependencies and interdependencies of the P2P process and its crucial impact on all supplier disbursements.
- Review the impact of regulatory compliance on the P2P process and will discuss current trends in the internal controls process.
Attendees will receive a full set of leading practice Procure to Pay (P2P) internal controls which include a comprehensive listing of all the risks and controls for:
- Supplier Selection and Management
- Purchasing and Ordering
- Invoice Processing
These leading practices were developed from several years of experience in the internal controls field and from working with 30 Top Fortune 100 companies. This approach has not only helped improve P2P processes but has set the foundation for detecting and preventing fraud.
On completing this course participants will be able to:
- Understand the three corporate critical controls and how to implement policies and procedures to enforce them.
- Identify the control risks and ‘fraud flags’ within the P2P process.
- Obtain a complete toolkit that contains the standards of internal controls for the P2P process.
- Define and implement the top twenty controls for the accounts payable process.
- Develop an Internal Controls Questionnaire (ICQ) for each component of the P2P process.
- Define the regulatory requirements that impact the P2P process.
- Apply concepts and tools to real life fraud case studies and define the internal control weaknesses.
- Define an action plan on how to implement a new or enhanced P2P internal controls program.
- Apply current trends in internal controls program to enable continuous controls monitoring and other best practices.
Who Will Benefit:
This best practices seminar will benefit professionals interested in improving the P2P internal controls program and preventing the risk of fraud for their companies. This includes:
- Internal Audit Executives
- Internal Control Professionals
- Shared Service Executives
- Accounts Payable Managers and Directors
- Procurement Managers and Directors
The term Purchase to Pay (P2P) emerged in the 1990s and is one of a number of other buzz phrases that emerged as internet applications became used more widely in business and accounting processes. The P2P process is an integral process for all companies; however, due to the large number of transactions within the process and the larges dollars that are disbursed through the accounts payable function, the P2P business process is subject to a significant amount of risk that requires a laser focus on internal controls.