Properly evaluating, setting, and monitoring customer credit limits can be important to companies for issuing credit and ultimately, collecting cash receipts. 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.

This course allows participants to become familiar with, or brush up on, internal control definitions and concepts. The course also covers the credit process in detail. Participants learn the key credit process steps under both a manual and a computerized system. While relatively few companies may still have a purely manual system covering a manual system 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
  • 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 credit activities.
  • Identify key documents in the credit process.
  • Recognize the process specific controls related to the credit process.
  • Identify additional credit process considerations, periodic monitoring analysis and other procedures, and specific credit policy considerations.
Last updated/reviewed: March 17, 2024
6 Reviews (23 ratings)


Anonymous Author
As a newer Controller, I have not had a lot of experience with assigning credit limits to new customers. This course provided some foundational knowledge to ensure the processes we are using are looking at all aspects of the credit process.

Anonymous Author

Anonymous Author
Great review of internal controls basics and those applicable specific to the credit process.

Anonymous Author
Interesting content & I was able to draw parallels to my own experiences.

Anonymous Author
Great text course - the document is thorough and covers the topics well.

Anonymous Author
Course structure, layout and graphics, key terms was very good. Thanks!

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 - Credit (Text Based Course)PDF