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Auditing Specific Processes and Departments
Learn about specific internal auditing procedures and controls within different departments of a businessPreview the first lesson free — get full access to all 6 lessons.
Advanced Provider : Silvina Asurmendi 6 Lessons · 17m in German, English, Spanish, French, Portuguese, Chinese
Course Description
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.
What You'll Learn
- Understand the different business audit cycles, including the revenue, inventory, and purchasing cycles
- Verify internal controls and identify common control activities such as segregation of duties, authorizations, reconciliations, and physical controls
- Examine how payroll, human resources, and debt and equity audits work
- Choose proper internal controls to minimize risks within each business cycle
- Perform debt and equity audits
- Review real case examples of embezzlements that can result from 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 covers how internal auditors look at processes such as the revenue, inventory, and purchasing cycles, 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
Who is this course for?
It is aimed at executives in any type of company who are expected to understand the different audit cycles of the business and how to verify internal controls.
What audit cycles and processes does the course cover?
The course reviews the revenue, inventory, and purchasing cycles, and also discusses how payroll, human resources, and debt and equity audits work.
What skills will I gain?
You will gain skills in audit management, auditing, bank internal auditing, internal audit best practices, internal auditing, and management auditing, including how to choose proper internal controls to minimize risks.
What lessons are included?
Lessons include an Introduction; Revenue Cycle, Human Resources, and Payroll Audits; Purchasing Cycle Audits; Inventory Cycle Audits; Debt and Equity Audits; and a Test Your Knowledge section.
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.
