Key Process Controls – Billing (v22) – Self Study Course

Course Description

Companies must accurately bill customers in order to stay in business. 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. 

Learning Objectives

Upon successful completion of this course participant should be able to be complete the following 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 five primary billing activities.
• Properly identify key documents in the billing process.
• Recognize the process specific controls related to the billing process.
• Properly identify additional billing process considerations and periodic monitoring analysis and other procedures for the billing process.

CPE Credits: 3 CPE for CPAs

Level: Basic

Instructional Method: Self-Study

NASBA Field of Study: Accounting

Program Prerequisites: None

Advanced Preparation: None

Revision Date: April 15, 2022