Internal Audit of Purchasing Masterclass

Internal Audit, Purchasing Audit, Procurement Audit, Purchasing Process

What you'll learn
- Develop Effective Audit Planning: Learn how to design a tailored audit strategy specifically for purchasing functions.
- Understand the Fundamentals of Procurement and Purchasing: Gain a strong grasp of essential purchasing processes, identifying potential risks and control points
- Identify and Evaluate Purchasing Controls: Develop a critical eye for assessing the effectiveness of internal controls within the purchasing cycle.
- Execute Efficient Audit Procedures: Learn the best practices for conducting purchasing audits.
- Master Segregation of Duties for Fraud Prevention: Understand the critical concept of segregation of duties (SoD) in the purchasing process.

Requirements
- No Worries if You're New! This course starts by covering the essentials of purchasing and internal controls. Even if you don't have direct experience, you'll gain a thorough understanding of the audit process from start to finish.

Description
Course Overview

Unleash your internal audit potential and protect your organization's resources with this in-depth course on auditing the purchasing function. Whether you're a beginner or an experienced auditor, this course provides invaluable insights and actionable strategies to ensure the integrity and efficiency of your purchasing processes.

What You'll Learn

The Fundamentals of Purchasing:Understand the core elements of the procurement process, setting the foundation for effective audits.

Common Purchasing Risks:Identify and mitigate supplier risk, pricing risk, quality risk, compliance risk, and fraud risk.

Pre-Audit Essentials:Master the crucial preparatory steps to optimize your audit strategy.

Stage-by-Stage Auditing:Learn how to audit every phase, including requisition, RFQ, purchase order, acceptance/inspection, and invoice/payment.

Segregation of Duties:Ensure control effectiveness and fraud prevention with a deep dive into this critical concept.

Downloadable Materials:

Lecture 1 - The Purchasing Function - Direct vs. Indirect Procurement

Lecture 2 - Introduction to Internal Audit of Purchasing

Lecture 3 - Common Risks

Lecture 4 - Essential Preparation for a Successful Purchasing Audit

Lecture 5 - A Complete Guide for Purchasing Audit

Lecture 7 - Internal Audit Program for Purchasing

Lecture 9 - Purchasing Internal Audit Checklist Questions

Benefits for You

Protect Your Organization:Reduce financial losses and reputational damage by uncovering vulnerabilities and implementing strong controls.

Improve Efficiency:Identify bottlenecks and opportunities for streamlining the purchasing process.

Enhance Compliance:Ensure adherence to internal policies, external regulations, and industry standards.

Build Confidence:Gain the knowledge and skills to conduct effective purchasing audits independently.

Who Should Enroll

Internal auditors at all levels

Procurement professionals

Compliance officers

Risk management specialists

Anyone interested in safeguarding their organization's resources

Instructor Credentials:

Salih Ahmed Islam

CIA

MBA

Internal Audit Beacon Award Winner of 2023

26 Years of Internal Audit Experience

Enroll Today and Become a Purchasing Audit Expert!

Who this course is for:
- Internal Auditors: Enhance your skills in assessing purchasing processes, identifying control weaknesses, and ensuring compliance.
- Procurement Professionals: Gain a deeper understanding of internal audit procedures to strengthen your department's controls and mitigate risks.
- Compliance Officers: Learn how to evaluate the effectiveness of purchasing controls within your organization's broader compliance framework.
- Finance and Accounting Professionals: Expand your knowledge of auditing techniques and best practices for ensuring financial integrity within the purchasing function.
- Students and Aspiring Auditors: Build a solid foundation in internal auditing principles and their application to the critical area of purchasing.
More Info