Companies must collect outstanding accounts from customers as part of their business activities. 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 also covers the collection process for outstanding accounts 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 collection for outstanding accounts activities.
  • Recognize the process specific controls related to the collection for outstanding accounts process.
  • Identify additional collection for outstanding accounts process considerations and periodic monitoring analysis and other procedures for the collection of outstanding accounts process.
Last updated/reviewed: March 10, 2024
6 Reviews (27 ratings)

Reviews

5
Anonymous Author
Good course for a review of company processes and analysis activities. Got a few ideas for additional monthly activities to tighten up this area.
5
Anonymous Author
This was a nice brief course discussing controls around account collections, allowance for doubtful accounts, etc. Easy to navigate and complete.
5
Anonymous Author
Good content and well presented. I was able to draw parallels to my experiences working in the billing and collections departments.
4
Anonymous Author
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5
Anonymous Author
Enjoyed this additional course in the overall AR series. Good series!
3
Anonymous Author
The bad debt expense account is not a balance sheet account
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 - Collection For Outstanding Accounts (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam