Self-Study
12
Overview
Accounting
There are no prerequisites.

Course Description

A proper system of accounting controls can mean the difference between a reliable accounting operation that consistently processes business transactions and one that appears to be in a continual state of crisis. In the Accounting Controls Guidebook, Steven M. Bragg discusses the overall system of controls, the controls that can be installed for individual accounting processes, and controls for other systems that are peripherally related to accounting operations. You'll learn everything you need to know about all of the major functional areas of a business, including order entry, shipping, billing, cash receipts, accounts payable, payroll, and more.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Nov 21, 2017
There are no prerequisites.
SS1153298
280
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Recognize situations in which controls can be avoided or must be installed, the nature of the best controls, and areas of concern.

Chapter 2

  • Note the order entry process and examples of controls that can be inserted into the process.

Chapter 3

  • Identify the procedure steps and controls used to process customer requests for credit.

Chapter 4

  • State the controls used to deal with sales orders, drop shipments, back orders, and merchandise returns.

Chapter 5

  • Cite the controls used in the computerized and manual issuance of invoices to customers.

Chapter 6

  • Cite the controls that can be used to provide structure to the collections process.

Chapter 7

  • State the controls associated with the receipt, recordation, and deposit of cash and checks.

Chapter 8

  • Identify the different types of controls that can provide structure to the purchasing function.

Chapter 9

  • State the controls that can be assigned to supplier invoice recordation and payments.

Chapter 10

  • Note the controls that can be inserted into the processing of employee expense reports.

Chapter 11

  • Identify the controls needed to provide a secure environment for the use of procurement cards.

Chapter 12

  • Note the steps in the petty cash process flow, how petty cash can be replaced, and the controls that can be instituted for petty cash.

Chapter 13

  • State the controls used in the receiving area, as well as the proper treatment of customer-owned goods.

Chapter 14

  • Recognize the activities needed to create a proper payroll control environment, and the indicators of payroll fraud.

Chapter 15

  • Identify the controls used to monitor, value, and report on fixed assets.

Chapter 16

  • State the controls used for cash forecasting, funds transfers, stock issuances, and collateral monitoring.

Chapter 17

  • Cite the controls that can be integrated into the period-end closing process, construction of financial statements, and chart of accounts.

Chapter 18

  • Note the controls that can be applied to acquisitions, gift cards, inventory recordation, and inventory valuation.


Table of Contents

Chapter 1 – The Accounting Controls Environment

Learning Objectives

Introduction

The Genesis of Accounting Controls

The Proper Balance of Control Systems

The Nature of Risk

Common Fraud Risk Factors

Control Principles

The Failings of Internal Controls

Preventive and Detective Controls

Manual and Automated Controls

Constructing a System of Controls

Special Case – Acquisitions

Special Case – Employee Turnover

Special Case – Rapid Growth

Control System Documentation

Terminating Controls

Controls Education

Structure of this Book

Summary

Chapter 1 – Review Questions

Chapter 2 – Order Entry Controls

Learning Objectives

Introduction

Order Entry Process Overview

In-Process Order Entry Controls

Alternative Order Entry Control Systems

Control System for Manual Order Entry

Control System for Computerized Order Entry

Additional Order Entry Controls – Fraud Related

Additional Order Entry Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 2 – Review Questions

Chapter 3 – Credit Controls

Learning Objectives

Introduction

Credit Process Overview

Alternative Credit Control Systems

Control System for Manual Credit Management

Control System for Computerized Credit Management

Additional Credit Controls – Fraud Related

Additional Credit Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 3 – Review Questions

Chapter 4 – Shipping Controls

Learning Objectives

Introduction

Shipping Process Overview

In-Process Shipping Controls

Alternative Shipping Control Systems

Control System for Manual Shipping

Control System for Computerized Shipping

Additional Shipping Controls – Fraud Related

Additional Shipping Controls – Periodic Actions

Summary

Chapter 4 – Review Questions

Chapter 5 – Customer Billing Controls

Learning Objectives

Introduction

Customer Billing Process Overview

In-Process Customer Billing Controls

Alternative Customer Billing Control Systems

Control System for Manual Customer Billings

Control System for Computerized Customer Billings

Additional Customer Billing Controls – Fraud Related

Additional Customer Billing Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 5 – Review Questions

Chapter 6 – Collection Controls

Learning Objectives

Introduction

Collection Process Overview

In-Process Collection Controls

Alternative Collection Control Systems

Additional Collection Controls

Additional Accounting Policies

Summary

Chapter 6 – Review Questions

Chapter 7 – Cash Receipts Controls

Learning Objectives

Introduction

Cash Receipts Process Overview

In-Process Cash Receipts Controls

Alternative Cash Receipts Control Systems

Control System for Cash Receipts

Control System for Check Receipts

Control System for Lockbox Receipts

Control System for Remote Deposit Capture

Additional Cash Receipts Controls – Fraud Related

Additional Cash Receipts Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 7 – Review Questions

Chapter 8 – Purchasing Controls

Learning Objectives

Introduction

Purchasing Process Overview

Alternative Purchasing Control Systems

Control System for Purchasing with Bids

Control System for Purchasing without Bids

Controls for Purchasing with a Computerized System

Additional Purchasing Controls – Fraud Related

Additional Purchasing Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 8 – Review Questions

Chapter 9 – Accounts Payable Controls

Learning Objectives

Introduction

Accounts Payable Process Overview

In-Process Accounts Payable Controls

Alternative Accounts Payable Control Systems

Control System for Manual Accounts Payable

Control System for Computerized Accounts Payable

Control System for Evaluated Receipts

Additional Payables Controls – Trend Analysis

Additional Payables Controls – Fraud Related

Additional Payables Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 9 – Review Questions

Chapter 10 – Expense Report Controls

Learning Objectives

Introduction

Expense Report Process Overview

In-Process Accounts Payable Controls

Alternative Expense Report Control Systems

Control System for Manual Expense Reporting

Control System for Computerized Expense Reporting

Additional Expense Report Controls – Fraud Related

Additional Expense Report Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 10 – Review Questions

Chapter 11 – Procurement Card Controls

Learning Objectives

Introduction

Procurement Card Process Overview

In-Process Procurement Card Controls

Alternative Procurement Card Control Systems

Procurement Card Control System without a Transaction Log

Procurement Card Control System with a Transaction Log

Additional Procurement Card Controls – Fraud Related

Additional Procurement Card Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 11 – Review Questions

Chapter 12 – Petty Cash Controls

Learning Objectives

Introduction

Petty Cash Process Overview

In-Process Petty Cash Controls

The Petty Cash Control System

Additional Petty Cash Controls – Fraud Related

Additional Accounting Policies

Summary

Chapter 12 – Review Questions

Chapter 13 – Receiving Controls

Learning Objectives

Introduction

Receiving Process Overview

In-Process Receiving Controls

Alternative Receiving Control Systems

Control System for Receiving with a Manual System

Controls for Receiving with a Computerized System

Additional Receiving Controls – Fraud Related

Additional Receiving Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 13 – Review Questions

Chapter 14 – Payroll Controls

Learning Objectives

Introduction

Payroll Process Overview

In-Process Payroll Controls

Alternative Payroll Control Systems

Control System for Manual Payroll

Control System for Computerized Payroll

Control System for Outsourced Payroll

Control System for Cash Payroll Payments

Additional Payroll Controls – Trend Analysis

Additional Payroll Controls – Fraud Related

Additional Payroll Controls – Periodic Actions

Additional Payroll Controls – Related Activities

Additional Accounting Policies

Summary

Chapter 14 – Review Questions

Chapter 15 – Fixed Asset Controls

Learning Objectives

Introduction

Fixed Asset Process Overview

In-Process Fixed Asset Controls

Alternative Fixed Asset Control Systems

Additional Fixed Asset Controls – Fraud Related

Additional Fixed Asset Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 15 – Review Questions

Chapter 16 – Treasury Controls

Learning Objectives

Introduction

The Cash Forecasting Controls Environment

The Funds Investment Control Environment

The Debt Procurement Control Environment

The Stock Issuance Control Environment

Additional Treasury Controls – Fraud Related

Summary

Chapter 16 – Review Questions

Chapter 17 – Financial Reporting Controls

Learning Objectives

Introduction

Financial Reporting Overview

Financial Reporting Tasks Prior to Period-End

Financial Reporting Tasks after Period-End

In-Process Financial Reporting Controls

General Controls

Disclosures

Cash

Accounts Receivable

Inventory

Prepaid Expenses

Fixed Assets

Accrued Liabilities

Revenue

Income Taxes

Additional Controls for Public Companies

Balancing Controls against Speed

Additional Financial Reporting Controls – Fraud Related

Additional Financial Reporting Controls – Periodic Actions

Additional Accounting Policies

Summary

Chapter 17 – Review Questions

Chapter 18 – Other Controls

Learning Objectives

Introduction

Acquisition Controls

Budgeting Controls

Budget Creation Controls

Budget Integration Controls

Summary of Budget Controls

Gift Card Controls

Inventory Recordation Controls

Inventory Valuation Controls

Project Controls

Controls for Cost Plus Pricing Arrangements

Controls for Fixed Fee Pricing Arrangements

Controls for Internal Projects

Summary of Project Controls

Chapter 18 – Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 



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