The Master Guide to Controllers' Best Practices, 2nd Edition
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The Master Guide to Controllers' Best Practices, 2nd Edition

Edited by Elaine Stattler · Joyce Anne Grabel
John Wiley & Sons June 2020

Specifications

ISBN-13
9780996729321
Publisher
John Wiley & Sons
Publication
June 2020
Format
Hardback , 560 pages
Jurisdiction
International ? Countri(es) for reference only

Details

The essential guide for today's savvy controllers

Today's controllers are in leadership roles that put them in the unique position to see across all aspects of the operations they support. The Master Guide to Controllers' Best Practices, Second Edition has been revised and updated to provide controllers with the information they need to successfully monitor their organizations' internal control environments and offer direction and consultation on internal control issues. In addition, the authors include guidance to help controllers carryout their responsibilities to ensure that all financial accounts are reviewed for reasonableness and are reconciled to supporting transactions, as well as performing asset verification.

Comprehensive in scope the book contains the best practices for controllers and:

  • Reveals how to set the right tone within an organization and foster an ethical climate
  • Includes information on risk management, internal controls, and fraud prevention
  • Highlights the IT security controls with the key components of successful governance
  • Examines the crucial role of the controller in corporate compliance and much more

The Master Guide to Controllers' Best Practices should be on the bookshelf of every controller who wants to ensure the well-being of their organization.

Table of Contents

About IMA (Institute of Management Accountants) 3

About the Authors 3

Controller Advisors 4

Other Acknowledgments 4

What This Guide Will Do For You 15

Section 1. Overseeing Governance, Compliance, Risk Management, and Internal Controls 17

Introduction 19

Chapter 1. Tone at the Top and Corporate Governance 21

Chapter 2. Risk Management, Internal Controls, and Fraud Prevention 45

Chapter 3. It Security Controls 87

Chapter 4. The Crucial Role of the Controller in Corporate Compliance 109

Section 2. Business Process Best Practices 183

Introduction 185

Chapter 5. Procurement and the Move to P2p 187

Chapter 6: Accounts Payable 197

Chapter 7. Payroll 243

Payroll Withholdings: Paid By Employees 245

Payroll Taxes, Costs, and Benefits Paid By Employers 248

Employer Contributions to Defined Contribution Plans 250

The Fair Labor Standards Act (Flsa) 251

Salaries, Wages, and Overtime Pay 256

Best Practices and Process Improvement 259

Tax and Compliance Issues 263

Special Considerations When Paying Employees 266

Benefits 278

Unemployment Claims 285

Withholding 286

Internal Controls 291

Record Retention 292

Chapter 8. Accounts Receivable 297

Chapter 9. The Supply Chain 337

Chapter 10. Inventory Control 347

Chapter 11. Treasury’s Role In Cash Management and Working Capital 361

Chapter 12. Shared Services and Outsourcing 391

Section 3. \Planning, Budgeting, Forecasting, and Financial Close Best Practices 401

Introduction 403

Chapter 13. Budgeting Best Practices 405

Chapter 14. Financial Close Processes and Procedures 429

Chapter 15. Financial Statement Fraud 445

Section 4. Measuring Performance 449

Introduction 451

Chapter 16. Benchmarking and Metrics 453

Chapter 17. Developing a Metrics Roadmap 463

Section 5. Process Improvement Through Automation & Technology 485

Introduction 487

Chapter 18. Going Paperless 489

Chapter 19. Making Your Case for Automation 509

Chapter 20. Project Management and Implementation 521

Section 6. Leadership and The Evolving Role of the Controller 531

Introduction 533

Chapter 21. Financial Leadership 535

About the Author

ELAINE STATTLER, APM, CPC, is a principal of Editorial Direction LLC in New London, Connecticut. She specializes in professional and business publishing and is Editor-in-Chief of IOFM's Controller's Report.

JOYCE ANNE GRABEL is a principal of Editorial Direction LLC, and the author and editor of numerous articles, newsletters, manuals, videos, and employee training materials.

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