Shipping ControlsCode: 24-SHIP

54 pages

Course description and objectives:

Proper controls around the shipping process is essential in order for companies in providing accurate and timely orders to customers. A clear understanding of the key controls in a process can benefit internal auditors, business managers, and others who want to understand, improve, or audit the process. The course allows participants to become familiar with, or brush up on, internal control definitions and concepts. The course also covers in the shipping process in detail. Participants will learn the key shipping process activities under both a manual and a computerized system. While relatively few companies may still have a purely manual system, covering the manual process will help an accountant, auditor, or business manager to better understand what the key documents received, created, and sent from the process are. Learning objectives for this course are listed below.

Course Learning Objectives

• Recognize the definition of internal control along with internal control conceptsincluding the continuum of internal controls for businesses, approaches for addinginternal controls, and balancing costs of an evolving internal controls systems.
• Properly identify risk categories including internal and external risk in addition toinherent and residual risk.
• Recognize the typical fraud risk factors as well as the components of the FraudTriangle and Fraud Diamond.
• Recognize the principles to keep in mind when constructing internal controls aswell as the limitations or conceptual failings of internal controls.
• Properly identify internal control categories including preventative or detectivecontrols and manual or automated controls.
• Recognize the primary steps required to construct a system of internal controls aswell as COSO’s Internal Control – Integrated Framework and the Sarbanes OxleyAct.
• Properly identify the three primary shipping activities.
• Properly identify key documents in the shipping process.
• Recognize the process specific controls related to the shipping process.
• Properly identify additional shipping process considerations and periodicmonitoring analysis and other procedures for the shipping process.

Category: Accounting

Recommended CPE Hours: 3

Level of knowledge: Update

Prerequisite: Basic understanding of Accounting

Advanced Preparation: None

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase