For any type of company, executives are expected to understand the different audit cycles of the business as well as how to verify internal controls.
For any type of company, executives are expected to understand the different audit cycles of the business as well as how to verify internal controls. In general, the major control activities to be aware of are segregation of duties, authorizations, reconciliations, performance reviews, information processing, physical controls, proper accounting recognition, and reporting. Implementing effective internal controls in each business cycle means executing a thorough understanding of the transactions and the conformity with an internal audit framework.
In this Auditing Specific Processes and Departments course, we’ll review different company audit cycles such as the revenue, inventory, and purchasing cycles. We’ll also discuss how payroll, human resources, and debt and equity audits work. You’ll understand how internal auditors look at these processes and how to choose the proper internal controls to minimize risks. Moreover, you’ll get some real case examples of embezzlements that could happen because of lack of effective internal controls.
Learning Objectives:
- Understand business cycles
- Understand internal controls
- Discuss common internal controls
- Perform debt and equity audits
Skills you’ll gain
Audit ManagementAuditingBank Internal AuditingInternal Audit Best PracticesInternal AuditingManagement AuditingWhat You'll Learn
- Understand the different business audit cycles, including revenue, inventory, and purchasing cycles
- Verify internal controls and apply common control activities such as segregation of duties, authorizations, and reconciliations
- Examine how payroll and human resources audits work
- Perform debt and equity audits
- Choose proper internal controls to minimize risks within each business cycle
- Review real case examples of embezzlements caused by a lack of effective internal controls
Key Takeaways
- Executives are expected to understand the different audit cycles of a business and how to verify internal controls.
- Major control activities to be aware of include segregation of duties, authorizations, reconciliations, performance reviews, information processing, physical controls, proper accounting recognition, and reporting.
- Implementing effective internal controls in each business cycle requires a thorough understanding of the transactions and conformity with an internal audit framework.
- The course reviews company audit cycles such as revenue, inventory, and purchasing, as well as payroll, human resources, and debt and equity audits.
- A lack of effective internal controls can lead to embezzlements, which the course illustrates with real case examples.
Frequently Asked Questions
What audit cycles does this course cover?
The course reviews different company audit cycles such as the revenue, inventory, and purchasing cycles, and also discusses how payroll, human resources, and debt and equity audits work.
Who is this course for?
It is aimed at executives, who are expected to understand the different audit cycles of the business as well as how to verify internal controls.
What internal control activities will I learn about?
You will learn about the major control activities, including segregation of duties, authorizations, reconciliations, performance reviews, information processing, physical controls, proper accounting recognition, and reporting.
Does the course include practical examples?
Yes, it provides real case examples of embezzlements that could happen because of a lack of effective internal controls.
What skills does this course help build?
It supports skills in audit management, auditing, bank internal auditing, internal audit best practices, internal auditing, and management auditing.
Transcript
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Which department at your organization is the most efficient? Are there any departments that are struggling? Welcome to Knowledge City's Auditing Specific Processes and Departments This course will help you audit your inventory cycle to check that it's accurately monitored. Maintain stability for your business and its employees by understanding HR and pay role audits and perform debt and equity audits to protect stakeholder interests. Ensure you've built a strong foundation by auditing specific processes and departments.
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