A massive amount of funding is channeled through the purchasing function, so it should be structured within a proper system of controls. In the Purchasing Controls course, we discuss all aspects of the purchasing process flow, the forms used, and the controls needed to ensure that purchasing activities are properly conducted. The course also addresses systems of internal control, control principles, types of controls, and several related issues.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the characteristics of a system of internal controls.
Recall the situations in which it is possible to operate with weak controls.
Recognize the best types of controls.
Specify how a continuous controls monitoring system functions.
Recall the different types of controls that can be applied to the purchasing function.
Recall how supplier certification can contribute to the system of purchasing controls.
Major Topics
Purchasing Controls
The Genesis of Accounting Controls
The Nature of Risk
Fraud Triggers
Purchasing Concepts
Additional Accounting Policies
