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, internal control definitions and concepts. Participants also learn the key accounts payable process activities as well as specific controls related to the accounts payable process.

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.
  • 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.
  • 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.
  • Identify the three primary accounts payable activities.
  • Identify the key documents in the accounts payable process.
  • Recognize the process specific controls related to the accounts payable process.
  • Identify additional accounts payable process considerations and periodic monitoring analysis and other procedures for the accounts payable process.
Last updated/reviewed: August 19, 2023
18 Reviews (70 ratings)

Reviews

4
Anonymous Author
course provides a great overview of the AP process and can serve as both helpful for internal audit and for a new company that is getting off the ground, needing to standardize their AP process.

5
Member's Profile
Very thorough course that covers most of the essential terminology and controls in place within Accounts Payable. Would be beneficial for all people working with AP.

5
Anonymous Author
This was a great course for explaining internal controls for the accounts payable process. Highly recommend for anyone in accounting or AP.

4
Anonymous Author
Learned additional details about the received receipts settlement system - a 2-way match process. Not something I have used personally.

5
Anonymous Author
The course was very informative and helped me get the most of out our accounts payable function. The exam covered the topics well.

4
Member's Profile
Informative course about the accounts payable process. All working with accounts payable would benefit from taking this course.

5
Anonymous Author
Easy to use text based course with straightforward information about internal controls and the accounts payable process.

5
Anonymous Author
The course provides a good overview of internal controls, COSO, and specifics related to the accounts payable process.

5
Anonymous Author
This course provides a good basis to begin building out an AP process for an early stage business.

5
Anonymous Author
Good reminder of all the controls in place for a business and for the AP department.

5
Anonymous Author
I really loved how detailed the text is and how well everything was explained.

5
Member's Profile
Logical flow and very comprehensive discussion of internal controls.

5
Member's Profile
Very good refresher on Account Payable internal controls processes.

4
Member's Profile
Good explanation of accounts payable process and related topics

5
Anonymous Author
I enjoyed this course, and I found it very informative.

5
Anonymous Author
super helpful guide to an effective payables department

5
Anonymous Author
Interesting content & relatable to my organization.

5
Anonymous Author
Great refresher course on the controls around A/P.

Prerequisites
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
COURSE MATERIAL
  Key Process Controls - Accounts Payable (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam