Another very good control to have in the accounts payables process is that employee expense reports should be reviewed and approved by someone who is not the owner of the expense report - this goes for company founders and C-level executives as well. This review needs to be formally documented to pass Sarbanes-Oxley.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
A very good control to have is that any non-purchase order approved payment requests should have audit support for the approval via an approved check request form, email, or the like.
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Want to save your accounts payable department time and money? Help them perform their job better and faster by providing them with a signature example sheet. This sheet should list the name, title, signature example, and initials example of each person who is authorized to approve payments for your company. This way, the AP Clerk will be able to recognize the approval signature and not have to ask questions or better yet, recognize when the approval signature is not correct and then escalate concerns...
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Here is more codification information from the FASB Accounting Standards. Please verify the accuracy of this information prior to relying on it.
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DERIVATIVES |
Accounting Standards |
FASB Codification |
|
Definition |
FAS 133, par. 6, 9 FSPEITF 00-19-2 |
ASC 815-10-15 ASC 825-20 |
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Scope exceptions |
FAS 133, par. 10 FAS 133, par. 11a EITF 07-5 EITF 00-19 DIG A6 DIG A10 DIG A12 DIG C12 |
ASC 815-10-15 ASC 815-10-15-74 ASC 815-40-15 ASC 815-40 ASC 815-10-55 ASC 815-10-15 ASC 815-10-55-99 thru 110 ASC 815-10-15-39 |
|
Embedded Derivatives |
FAS 133, par. 12, 13, 61 DIG B16
DIG B38 DIG B39 EITF D-109 |
ASC 815-15-25 ASC 815-15-25-42 thru 43, and 815-15-55-13 ASC 815-10-15-107 thru 109 ASC 815-15-25-37 thru 39, and 815-15-55-25 ASC 815-10-S99-3 |
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HEDGING |
Accounting Standard |
FASB Codification |
|
Eligibility/ Designation |
DIG G2 DIG G13 FAS 133, par. 20c, 28c FAS 133, par. 29 FAS 133, par. 32 FAS 133, par. 40a |
ASC 815-20-55-111 Example 8 ASC 815-20-55-88 Example 4 ASC 815-20-25-94 ASC 815-20-25-15 ASC 815-30-40-1 thru 3 ASC 815-20-25-61 |
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Hedge effectiveness and ineffectiveness |
FAS 133, par. 68 DIG G20 FAS 133, par. 120c FAS 138 FV Example DIG G7 Method 1 DIG G7 Method 2 DIG G7 Method 3 DIG H8 DIG E7 |
ASC 815-20-25-102 thru 117 ASC 815-20-25-126, 55-209, and 35-33 ASC 815-25-55-53 Example 9 ASC 815-25-55-72 Example 11 ASC 815-30-35-16 ASC 815-30-35-25 ASC 815-30-35-31 ASC 815-35-35 ASC 815-20-35 |
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OTHER BROAD TRANSACTIONS |
Accounting Standard |
FASB Codification |
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Transfers |
FAS 140/FAS 166***
FAS 156 |
ASC 860, ***Not yet codified ASC 860-50-35 and 860-50-50-5 |
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Consolidations |
FIN 46R/FAS 167***
ARB 51 FAS 160 EITF 96-16 EITF 04-5 EITF 85-12 |
ASC 810, ***Not yet codified ASC 810-10 ASC 810-10-65-1 ASC 810-10-25-1 thru 14 ASC 810-20-25-1 thru 20, and 810-20-55-1 thru 16 ASC 810-10-25-15 |
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Leasing |
FAS 13 FAS 98 EITF 97-10 EITF 01-8 EITF 00-13 |
ASC 840 ASC 840-40 ASC 840-40-55 ASC 840-10-15/55 ASC 360-20-15/55 |
|
Foreign Currency Matters |
FAS 52 EITF D-55 |
ASC 830 ASC 830-10-45-12 and 830-10-55-2 |
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