Companies must collect outstanding accounts from customers as part of their business activities. 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 also covers the collection process for outstanding accounts in detail.

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 COSOs Internal Control Integrated Framework and the Sarbanes Oxley Act.
• Properly identify the three primary collection for outstanding accounts activities.
• Recognize the process specific controls related to the collection for outstanding accounts process.
• Properly identify additional collection for outstanding accounts process considerations and periodic monitoring analysis and other procedures for the collection of outstanding accounts process.