Sarbanes-Oxley Logging

Accounts payable operations are affected by section 103 below.

SEC. 103. AUDITING, QUALITY CONTROL, AND INDEPENDENCE STANDARDS AND RULES

(iii) describe in each audit report the scope of the auditors testing of the internal control structure and procedures of the issuer, required by section 404(b), and present (in such report or in a separate report)
(I) the findings of the auditor from such testing;
(II) an evaluation of whether such internal control structure and procedures
(aa) include maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer; (bb) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and
(III) a description, at a minimum, of material weaknesses in such internal controls, and of any material noncompliance found on the basis of such testing.

Subsections (aa) and (bb) above state that records of the approval process for each invoice paid must be logged. Strict adherence to Sarbanes-Oxley requires that every step in the processing of each invoice be logged. In addition, an internal control structure and procedure audit must be performed. Once your processing workflow is setup, its control structures and the procedures that it enforces can be tested and the required report generated outlining its conformance to Sarbanes-Oxley.





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