MYCPE ONE

Key Process Controls – Receiving 2.5 Credits 2.5 Credits

Key Process Controls – Receiving 2.5 Credits 2.5 Credits

  • Rating

    4.5

  • Reviewed on

    February, 2025

    Reviewed on

    February, 2025

  • Subject Area

    Auditing

Learning mode

E-Book
  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Attend the live interactive session
  • Answer the polling questions
  • Get your certificate

Access to this course is included with a MYCPE ONE subscription.

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Learning Objectives

  • To recognize the definition of internal control along with internal control concepts, encompassing the continuum of internal controls for businesses, approaches for adding internal controls, and balancing costs of an evolving internal controls system.
  • To properly identify risk categories, distinguishing between internal and external risk, as well as inherent and residual risk, to develop effective risk management strategies in the procurement and receiving processes.
  • To recognize the typical fraud risk factors, as well as understand the components of the Fraud Triangle and Fraud Diamond, enabling the establishment of preventive measures against fraudulent activities during procurement and receiving procedures.
  • To recognize the principles to keep in mind when constructing internal controls, ensuring comprehensive coverage of controls to safeguard against risks, as well as understanding the limitations or conceptual failings that may arise in the implementation of controls.
  • To properly identify internal control categories, distinguishing between preventative or detective controls and manual or automated controls, to optimize control implementation based on the specific requirements of procurement and receiving processes.
  • To recognize the primary steps required to construct a system of internal controls, drawing insights from COSO's Internal Control–Integrated Framework and the Sarbanes Oxley Act, ensuring robust control systems aligned with industry standards.
  • To properly identify the two primary receiving activities and recognize the key documents integral to smooth operations during the receiving process.
  • To recognize process-specific controls related to the receiving process, optimizing efficiency and accuracy in receiving procedures.
  • To properly identify additional considerations in the receiving process and implement periodic monitoring analysis and other procedures to ensure continuous improvement and compliance.

Course Overview

In today's competitive business environment, effective procurement of goods at fair prices is crucial for companies seeking success. To achieve this, robust controls encompassing the purchasing, receiving, and accounts payable processes play a pivotal role. 

Understanding the key controls within these processes is not only beneficial for internal auditors and business managers but also for individuals looking to enhance, comprehend, or audit procurement procedures. This course is designed to equip participants with a clear understanding of internal control definitions and concepts, providing a strong foundation for navigating the complexities of procurement.

In addition to procurement insights, the course delves into the receiving process, covering essential activities and specific controls related to receiving. We will learn to properly identify the two primary receiving activities and recognize the key documents integral to smooth operations in the receiving process. Emphasis is placed on process-specific controls to optimize efficiency and accuracy in receiving procedures, thereby ensuring a seamless supply chain.

Throughout the course, we will tackle learning objectives ranging from understanding internal control concepts and recognizing risk categories to comprehending fraud risk factors, the Fraud Triangle, and Fraud Diamond components. Moreover, we will learn the primary steps required to construct a robust system of internal controls, drawing insights from COSO's Internal Control–Integrated Framework and the Sarbanes Oxley Act.

Don't miss this opportunity to fortify your understanding of procurement and receiving processes and internal controls. Enroll in this CPE Auditing Course today to unlock valuable insights that will benefit your career and organization.

Major topics covered in this course:

  • Automated Controls
  • Credit Memorandum
  • Detective Internal Controls
  • Employee Fraud
  • Manual Controls
  • Preventative Internal Controls
  • Receiving Log
  • Receiving Report
  • Requisition
  • Residual Risk
  • Return Merchandise Authorization Form
  • Return Merchandise Notification Form

On Demand Credits for All Qualifications

License details Credits Status
Auditing for Certified Public Accountants (CPA-US) 2.5 CPE Approved
Internal Auditing for Certified Internal Auditors (CIA) 2.5 CPE Eligible
Auditing for Certified Fraud Examiner (CFE) 2.5 CPE Eligible
Auditing for Certified Management Accountants (CMA) 2.5 CPE Eligible
Auditing for Certification in Risk Management Assurance (CRMA) 2.5 CPE Eligible
Auditing for Certified Financial Forensics (CFF) 2.5 CPD Eligible
Auditing for Certified Government Financial Manager (CGFM) 2.5 CPE Eligible
Auditing for Certified Government Auditing Professional (CGAP) 2.5 CPE Eligible
Auditing for Delaware Licensed Public Accountant (DE-LPA) 2.5 CPE Approved
Auditing for Internal Audit Practitioner (IAP) 2.5 CPE Eligible
Certified Internal Controls Auditor (CICA) 2.5 CPE Eligible
Auditing for Qualification in Internal Audit Leadership (QIAL) 2.5 CPE Eligible
Auditing for Iowa Licensed Public Accountant (IA-LPA) 2.5 CPE Approved
Auditing for Maine Licensed Public Accountant (ME-LPA) 2.5 CPE Approved
Certified Controls Specialist (CCS) 2.5 CPE Eligible
License details Credits Status
Auditing for Certified Public Accountants (CPA-US) 2.5 CPE Approved
Internal Auditing for Certified Internal Auditors (CIA) 2.5 CPE Eligible
Auditing for Certified Fraud Examiner (CFE) 2.5 CPE Eligible
Auditing for Certified Management Accountants (CMA) 2.5 CPE Eligible
Auditing for Certification in Risk Management Assurance (CRMA) 2.5 CPE Eligible
Auditing for Certified Financial Forensics (CFF) 2.5 CPD Eligible
Auditing for Certified Government Financial Manager (CGFM) 2.5 CPE Eligible
Auditing for Certified Government Auditing Professional (CGAP) 2.5 CPE Eligible
Auditing for Delaware Licensed Public Accountant (DE-LPA) 2.5 CPE Approved
Auditing for Internal Audit Practitioner (IAP) 2.5 CPE Eligible
Certified Internal Controls Auditor (CICA) 2.5 CPE Eligible
Auditing for Qualification in Internal Audit Leadership (QIAL) 2.5 CPE Eligible
Auditing for Iowa Licensed Public Accountant (IA-LPA) 2.5 CPE Approved
Auditing for Maine Licensed Public Accountant (ME-LPA) 2.5 CPE Approved
Certified Controls Specialist (CCS) 2.5 CPE Eligible

Additional Information

Credits

2.5

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 website: www.nasbaregistry.org.

About Author

Reid Conrad

Reid Conrad | CPA

Owner, CPE Academy

  • 4.5
  • rating
  • rating
  • rating
  • rating
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Reid Conrad is a renowned CPA. With contagious enthusiasm, he engages audiences uniquely through text-based presentations. He is a distinguished renowned educator, and esteemed presenter in the realm of Accounting. With a passion that knows no bounds, Reid's presentations are infused with an infectious enthusiasm that captivates his audience.

Reid is a trailblazer in the field, sharing his knowledge exclusively through text-based formats. His mastery of the written word allows him to communicate complex Accounting concepts with exceptional clarity and precision, leaving a lasting impact on his audience's understanding.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses accepted by NASBA and other professional organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (59%)

Very Good (27%)

Average (14%)

Poor

Terrible

AB

Ani Binitie, CPA (US)

5

Very detailed information on the receiving process, and key controls.

AJ

Aanchal Joshi, CPA (US)

5

Great concise content.

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Key Process Controls – Receiving

Inclusions

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    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting

    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

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