Cash Receipts ControlsCode: 24-CRCONT

68 pages
Course description and objectives:

All businesses need cash to survive. Proper controls in the receipt of cash are extremely important as this is the primary way that most companies generate cash. 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 covers the cash receipts 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 three primary cash receipts activities.
• Recognize the cash receipt specific process controls within the cash receiptsprocess.
• Properly identify additional cash receipts process considerations and periodicmonitoring analysis and other procedures for the cash receipt 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