Contents

Course Introduction. 5

Fundamental Operational Controls. 6

Segregation of Duties. 6

Cash Disbursements. 8

Cash Receipts. 11

Accounts Receivable. 13

Accounts Payable. 14

Inventory. 15

Fundamental Accounting Controls. 16

Fundamental Internal Control Environment 19

Case Study – Koss Corporation. 23

Other Factors to Consider. 33

Controls over Information Technology. 33

HR Procedures. 34

Risk Assessment 34

Review Questions. 36

Glossary. 38

Index. 39

CPE Exam.. 41

Answers to Review Questions. 44