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 will also learn the key purchasing process activities as well as specific controls related to the purchasing 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 four primary purchase process activities.
  • Identify the key documents in the purchasing process.
  • Recognize the process specific controls related to the purchasing process.
  • Identify additional purchasing process considerations and periodic monitoring analysis and other procedures for the purchasing process.
Last updated/reviewed: August 23, 2023
4 Reviews (29 ratings)


Member's Profile
Being a newer Controller, I have not spent much time in Purchasing prior to this position. This course provided a good fundamental base for me to expand upon.

Anonymous Author
Interesting content and I was able to draw parallels to my own experiences working in accounting.

Anonymous Author
Great overview with organized key controls and processes. A good reference guide with chart.

Anonymous Author
Good overall review of internal controls and the purchasing process specifically.

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 – Purchasing (Text Based Course)PDF