Intrenal Audit Of Purchasing Masterclass

Operational Auditing of 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 OverviewUnleash 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 LearnThe 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.Benefits for YouProtect 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 EnrollInternal auditors at all levelsProcurement professionalsCompliance officersRisk management specialistsAnyone interested in safeguarding their organization's resourcesInstructor Credentials:Salih Ahmed IslamCIAMBAInternal Audit Beacon Award Winner of 202326 Years of Internal Audit ExperienceEnroll Today and Become a Purchasing Audit Expert!

Overview

Section 1: Introduction to Purchasing Audit

Lecture 1 What is Purchasing?

Lecture 2 General Overview of Purchasing Audit

Lecture 3 Common Risks of Purchasing Function

Section 2: Internal Audit Planning of Purchasing

Lecture 4 Preliminary Steps To Be Taken Before The Purchasing Audit Process

Section 3: Internal Audit of Purchasing Stages

Lecture 5 Internal Audit of Requisition Stage

Lecture 6 Internal Audit of Request for Quotation Stage

Lecture 7 Internal Audit of Purchase Order (PO) Stage

Lecture 8 Internal Audit of Acceptance (Receiving) Stage

Section 4: Internal Audit of Accounts Payable

Lecture 9 Internal Audit of Invoice Processing & Payment Stage

Section 5: Segregation of Duties

Lecture 10 Segregation of Duties in Purchasing Function

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.