All businesses need cash to survive. Proper controls in the receipt of cash are extremely important as this is the primary way that most companies generate cash. 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 covers the cash receipts process 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.
  • 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 cash receipts activities.
  • Recognize the cash receipt specific process controls within the cash receipts process.
  • Identify additional cash receipts process considerations and periodic monitoring analysis and other procedures for the cash receipt process.
Last updated/reviewed: August 23, 2023
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
  Key Process Controls - Cash Receipts (Text Based Course)PDF