Compliance Concerns: Issues Every AP Department Must Monitor
An industry expert notes “Most CFO's aren't concerned about compliance—unless there's an auditor at the door, it's just not a priority for them.” Unfortunately, then it's too late. The fines and penalties and aggravation are sure to follow—unless the accounts payable and/or accounting departments are doing their jobs. That's where AP Now comes in.
When it comes to regulatory concerns affecting the accounts payable function, 1099 and 1042 reporting is just the tip of the iceberg. There's a lot more that must be done. If not, the organization could run into trouble with the IRS, various state regulatory bodies, the Department of Justice, Treasury and more. Negative publicity, fines, penalties, and in a few cases jail time are some of the fallouts that could result from ignoring these issues. When it comes to these matters the governing bodies have no senses of humor and ignorance is no excuse.
In this session we'll review what every organization should be doing when it comes to OFAC, FCPA, ACA, IRS T&E Rules, Use tax and Unclaimed Property and more. The session will include a quick explanation of each issue along with why these are likely to be issues that should be addressed. It will also contain a checklist of items for each issue showing what every organization should be doing with regard to each matter.
After this session attendees will be able:
1) Understand which regulatory issues they need to address;
2) Identify potential shortfalls in their operation as they relate to regulatory issues;
3) Fix regulatory operational loopholes in their operation;
4) Recognize which regulatory issues they need to investigate further; and
5) Create processes to ensure regulatory compliance for their organizations on all issues applicable to the payment function.
Mary S. Schaeffer is the founder of AP Now, a B2B organization focused on creating business intelligence around the accounts payable and payment functions. She has written 18 business books and is a frequent and popular speaker at both online and live events. Schaeffer has created a number of CPE self-study courses, customized training and online training events. She is the developer of the Accounts Payable Best Practice Certificate program. Previously she held positions as an Assistant Treasure... View Full Profile
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