Key Process Controls – Purchasing
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, basic internal control definitions and concepts. Participants will also learn the key purchasing process activities as well as specific controls related to the purchasing process.

Course Publication Date: June 30, 2022

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $25.00!

Author:CPE Academy LLC
Course No:ACT-KPCPUR-1522
Recommended CPE:2.50
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Learning Objectives
  • Recognize the definition of internal control along with internal control concepts including the continuum of internal controls for businesses, approaches for adding internal controls, and balancing costs of an evolving internal controls systems.
  • Properly identify risk categories including internal and external risk in addition to inherent and residual risk.
  • Recognize the typical fraud risk factors as well as the components of the Fraud Triangle and Fraud Diamond.
  • Recognize the principles to keep in mind when constructing internal controls as well as the limitations or conceptual failings of internal controls.
  • Properly identify internal control categories including preventative or detective controls and manual or automated controls.
  • Recognize the primary steps required to construct a system of internal controls as well as COSO’s Internal Control – Integrated Framework and the Sarbanes Oxley Act.
  • Properly identify the four primary purchase process activities.
  • Properly identify the key documents in the purchasing process.
  • Recognize the process specific controls related to the purchasing process.
  • Properly identify additional purchasing process considerations and periodic monitoring analysis and other procedures for the purchasing process.

CPE Depot Inc. 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.

Sponsor Number: 109423

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