Training Course Syllabus:

Objectives of the Presentation

Identify problems within existing master vendor file practices
Implement master vendor file best practices that will enable proper TIN solicitation
Identify preventable frauds through good master vendor file practices
Make master vendor file fraud-resistant
Identify and collect all data needed to run an efficient and regulatory compliant AP function
Address the segregation of duties issue correctly
Delineate between the different types of portals and decide which is the best for your operation

Why Should you Attend

Do employees who create purchase orders (POs), process invoices or handle checks make changes in the master vendor file?
Do you allow those entering data into the master vendor file to enter it as they see fit?
Does your organization keep vendors in the master vendor file indefinitely, once they have been entered?
Are your vendors permitted to provide whatever information they feel is appropriate?
Does your staff simply make the best of it when entering a new vendor into your file?
Are vendors entered into the master vendor file whenever an employee notices one missing?
If you answered YES to one or more of the above questions, you need to tighten up your policies. These are not the only potential problems, but the most common ones.

This session by expert speaker Mary Schaeffer will address the growing need for stronger internal controls surrounding the master vendor file as well as increased data requirements. Mary will discuss recent events that have revealed weak links in many companies´ accounts payable practices, as well as procedures for verifying change requests that need to be updated.

Areas Covered

Problems within existing master vendor file practices
Master vendor file best practices
Enable proper TIN solicitation
Frauds that can be prevented
Make master vendor file fraud-resistant
Collect data needed to run an efficient and regulatory compliant AP function
Segregation of duties issue
Different types of portals

Seminar Summary:

What Every Accountant Needs to Know About Master Vendor Files? Long neglected, the master vendor file is now the star of the show in corporate accounts payable practices. The emergence of new fraud controls, an increased attention to the importance of internal controls, new types of vendor portals, and heightened regulatory compliance requirements have all put master vendor file practices in the spotlight.Many companies are discovering they have weak master vendor file practices and even worse procedures for soliciting taxpayer identification numbers (TINs) for information reporting purposes. There is also a bit of confusion surrounding the new vendor portals in the marketplace. (see full course description)

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