Internal Audit of Purchasing Masterclass

Operational Auditing of Purchasing Process

Ratings: 4.48 / 5.00




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.

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!

What You Will 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.

Who Should Attend!

  • 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.