Receiving ControlsCode: 24-RECEIVE

69 pages

Course description and objectives:

Controls around the procurement of goods including the purchasing, receiving, and accounts payable processes are important for companies that want to procure goods effectively at fair prices. 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. Participants will also learn the key receiving process activities as well as specific controls related to the receiving process. 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 two primary receiving activities.
• Properly identify the key documents in the receiving process.
• Recognize the process specific controls related to the receiving process.
• Properly identify additional receiving process considerations and periodicmonitoring analysis and other procedures for the receiving 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