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Vendor Master Files

Gain a better understanding surrounding the threats to vendor files, identifying potential areas of weakness, and designing and implementing procedures to minimize risk.

Proper maintenance and safeguarding of Vendor Masters Files is important to an organization. Ignoring issues or having poor controls over the Vendor Files can lead to loss of data and potential financial loss. Substandard Vendor Master File practices can increase risk of an organization to both general public and regulators. This topic is designed to help those in charge of overseeing their organization Vendor Master Files with understanding the threats to vendor files, identifying potential areas of weakness, designing and implementing procedures to minimize risk, which are all important in today's business environment.

Learning Objectives

  • You will be able to identify best practices and red flags in maintaining accurate vendor master files.
  • You will be able to identify why accurate vendor files are important.
  • You will be able to identify the cost to an organization of inaccurate vendor master files.
  • You will be able to recognize tips on preventing fraud or misuse of data files.

105 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Vendor Master Files - Safeguarding and Maintaining Your Information

  • Vendor Master Files Important - Understanding the Basics
  • Problems That Are Encountered With Poor Master File Controls
  • The Cost of Poor File Maintenance

Frauds That Can Be Encountered and Prevented

  • TIN Solicitation and Avoiding Problems Commonly Encountered
  • How to Deal With Verifying New Vendors and Verifying Their Information Before Setting up in System
  • How to Collect Data for a Compliance and Verification Program
  • How to Cleanse Data Files
  • What to Do When Things Go Wrong

Best Practices for Data Files

  • How to Implement Best Practices to Protect Your Master Files
  • Dealing With One Time Vendors
  • Data File Maintenance Programs
  • Designing the Proper System for Your Organization
  • Tips on Preventing Fraud and Misuse of Your Files

Importance of Segregation of Duties

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last reviewed on November 15, 2023.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.5 including Finance 2.5
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Finance for 2.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Hubert Klein

Hubert Klein

EisnerAmper LLP

  • Partner, Practice Leader Forensic, Valuation, and Litigation Services Group, Eisner Advisory Group
  • Practice focuses on forensic accounting and internal investigations
  • Speaker for various national and local organizations
  • Professor of Forensic Accounting at Fairleigh Dickenson University
  • Author of numerous articles on fraud and forensic topics
  • Membership includes AICPA, ASCFE, and NACVA; is a CPA, CFF, CFE, ABV, CVA, and CGMA
  • Graduate, Johnson & Wales University
  • Can be contacted at 732-243-7377 or [email protected]
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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All of your training, right here at Lorman.

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Product ID: 406139
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