Billling ControlsCode: 24-BILLCONT

58 pages
Course description and objectives:

Companies must accurately bill customers in order to stay in business. 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 the billing process in detail. 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 five primary billing activities.
• Properly identify key documents in the billing process.
• Recognize the process specific controls related to the billing process.
• Properly identify additional billing process considerations and periodic monitoringanalysis and other procedures for the billing process.

Category: Accounting

Recommended CPE Hours: 3

Level of knowledge: Update

Prerequisite: Basic understanding of Accounting

Advanced Preparation: None

Expiration Date: You must submit your exam within one year of purchase to qualify for CPE credit