Internal Controls Toolkit

Exam Questions: 60
Course Level: Basic
Pages: 418 | Content: 364, Supplemental: 54
NASBA Area of Study: Auditing
Not Acceptable for: Enrolled Agents
Version: 7800B

Internal controls are necessary in order to provide reliable, timely, and useful data needed to support operating, budgeting, and policy decisions. This course takes a "toolkit" approach to address a practical need for a series of standards of internal controls that can be used to mitigate risk within any size organization. It contains detailed controls and risks outlined for key business processes as well as material to improve internal control efforts. It also provides guidance for M&A projects and SOX 404 initiatives. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Introduction to the Internal Controls Toolkit
  • Background on Internal Controls
  • The Order to Cash (O2C) Process
  • Treasury Process
  • Procure to Pay (P2P) Process
  • Hire to Retire (H2R) Process
  • The Supply Chain Process
  • Record to Report (R2R)
  • Government Contracts
  • Records and Information Management
  • Computer, Telecommunications, and Systems Controls
  • Protection of Assets: Human, Physical, and Intellectual
  • The Insurance Process
  • Environmental, Health, and Safety (EH&S)
  • Customer Services
  • Professional Services (PS)
  • Entity-Level Controls
  • To identify corporate controls to mitigate risk
  • To recognize that internal control systems have limitations
  • To identify the sub-processes of the O2C process
  • To identify the foundational elements of the Treasury process
  • To identify the risks that are mitigated by using supplier portals
  • To recognize the role that HR and payroll play in internal control processes
  • To identify the foundational elements of the supply chain process
  • To identify the foundational elements of the R2R process
  • To recognize the importance of compliance in government contracting
  • To recognize the importance of implementing internal controls associated with GRRRC
  • To recognize the importance of internal controls with IT policies and procedures
  • To identify key assets
  • To identify which types of insurance are necessary
  • To identify the role of internal controls on EH&S regulations
  • To recognize the importance of customer input
  • To recognize the role of PS metrics
  • To recognize the role of entity-level controls

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.