Overview of the role of internal controls as it pertains to the Accounts Payable function.

1. How would you feel if your employer paid
you when the business ‘feels like it’?
What would you think about the business?

2. How would you feel if you went to buy
groceries, but the store is closed because it
opens whenever it ‘feels like it’?
What would you think about the business?

3. How would you feel if your bank decided
to borrow from your savings account
whenever the bank ‘feels like it’?
What would you think about the business?

4. SUCCESSFUL BUSINESSES
ImplementBusinessandFinancialPolicies
andProcedures

5. If you are building a long-term
business, you need policies and
procedures so that your organization
can stay alive!

6. You want the organization to still
be in business in:
One Year
Two Years
Five Years
10 Years
20 Years
50+ Years

7. The business needs its employees to
enforce the needs of the organization,
using policies and procedures!

8. All employees in the business are involved.

9. The role will depend on the level of
responsibility that the individual has.

10. The role will depend on the nature of
involvement by the individual.

11. People in a managerial role have the
responsibility of executing policies and
procedures on a detailed level.

12. Employees are ‘insiders’ of the
organization, so they play a role in
“internal control.”

13. What is “internal control”?

14. Any action by the organization for
the purpose of:

15. Protecting its resources.

16. Making sure financial and operating
data is accurate and reliable.

17. Making sure everyone is in compliance
with policies – organizationally and legally.

18. Safeguard the fort!