| 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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