Order Entry ControlsCode: 24-ORDER
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Course description and objectives:
The course allows participants to become familiar with, or brush up on, internal control definitions and concepts it also covers in detail the order entry process. Participants will learn the key order entry process activities under both a manual and a computerized system. While relatively few companies may still have a purely manual system covering the manual process will help an accountant, auditor, or business manager to better understand what the key documents received, created, and sent from the process are. 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 attributes of job order and process costing.
- Properly identify the three primary order entry activities.
- Properly identify key documents in the order entry process.
- Recognize the process specific controls related to the order entry process.
- Properly identify additional order entry process considerations and periodicmonitoring analysis and other procedures for the order entry process.
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