Key Process Controls – Order Entry

This course can benefit anyone who wants to better understand the role that internal controls can play in creating a reliable and consistent accounting system for today’s competitive and complex business environment. 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 it also covers in detail the order entry process. Participants will learn the key order entry process activities under both a manual and a computerized system. While relatively few companies may still have a purely manual system covering the manual process 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 evolving internal control systems.
  • Properly 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.
  • Properly 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 COSOs Internal Control-Integrated Framework and the Sarbanes Oxley Act.
  • Properly identify the attributes of job order and process costing.
  • Properly identify the three primary order entry activities.
  • Properly identify key documents in the order entry process.
  • Recognize the process-specific controls related to the order entry process.
  • Properly identify additional order entry process considerations and periodic monitoring analysis and other procedures for the order entry process.