Key Process Controls – Receiving

Course Description

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

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.

Webinar Qualifies For

• 2.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
• 2.5 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
• 2.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
• 2.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
• 2.5 CPE Credit of Auditing for Certified Management Accountants (CMA)
• 2.5 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
• 2.5 CPD Credit of Auditing for Certified Financial Forensics (CFF)
• 2.5 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
• 2.5 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
• 2.5 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
• 2.5 CPE Credit for Certified Internal Controls Auditor (CICA)
• 2.5 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
• 2.5 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
• 2.5 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
• 2.5 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
• 2.5 CPE Credit for Certified Controls Specialist (CCS)

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