All businesses need cash to survive. Proper controls in the receipt of cash are extremely important as this is the primary way that most companies generate cash. 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. The course covers the cash receipts process in detail.

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 three primary cash receipts activities.
  • Recognize the cash receipt specific process controls within the cash receipts process.
  • Identify additional cash receipts process considerations and periodic monitoring analysis and other procedures for the cash receipt process.
Last updated/reviewed: March 8, 2024
12 Reviews (40 ratings)

Reviews

5
Member's Profile
I think this is a great overview of the cash receipts topic and related controls. I really enjoyed it and felt that all of the information provided was relevant and easy to navigate.
5
Anonymous Author
A good review of key control activities. Concise and to the point. Found a couple of process reviews to add to our monthly list that will address small concerns.
5
Anonymous Author
Important course because so many parties, internal and external, handle cash, in a variety of ways.
5
Anonymous Author
This was a great course. I enjoyed the material and it was a great refresher on internal controls.
5
Anonymous Author
Good content and I was able to draw parallels to my experiences working in cash receipts.
5
Anonymous Author
Provided good insight into the cash receipts process. Hits all parts of the process,
5
Anonymous Author
Great course for explaining the cash receipts process and controls to be used.
5
Anonymous Author
Great review of the cash receipts process and how complicated it can be.
5
Anonymous Author
Good review for anyone managing cash receipts in their organization.
5
Anonymous Author
This is a great course on internal controls and cash receipts.
5
Anonymous Author
Text was laid out well, but could use more visuals and graphs
5
Anonymous Author
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Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
However, It is recommended to take other Key Process Controls series courses by Reid Conrad.
Key Process Controls - Account Payable (Text Based Course)
Key Process Controls - Collection for Outstanding Accounts (Text Based Course)
Key Process Controls - Receiving (Text Based Course)
Key Process Controls - Cash Receipt (Text Based Course)
Key Process Controls - Shipping (Text Based Course)
Key Process Controls - Purchasing (Text Based Course)
Key Process Controls - Billing (Text Based Course)
Key Process Controls - Credit (Text Based Course)
Key Process Controls - Order Entry (Text Based Course)

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 Overview CPE
Course Syllabus
COURSE MATERIAL
  Key Process Controls - Cash Receipts (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam