Collection For Outstanding Accounts ControlsCode: 24-OSACCT

48 pages
Course description and objectives:

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 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 three primary collection for outstanding accounts activities.
• Recognize the process specific controls related to the collection for outstandingaccounts process.
• Properly identify additional collection for outstanding accounts processconsiderations and periodic monitoring analysis and other procedures for thecollection of outstanding accounts 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