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Focus & Features
Purchasing as a function has significantly evolved over time. With the increasing pressure to reduce cost at the entity level, do more with less, and an external environment with volatile commodity prices, this function is no longer a simple responsibility of creating a purchase request and placing a purchase order with the suppliers.
Far beyond its original core, it now requires a significant amount of knowledge and expertise across the broad fields of finance, product supply, engineering, and commercial activities. Therefore, this necessitates looking at the function at an end to end level where an understanding on how supplier's products or services are eventually integrated to an entity's internal systems.
What You Will Learn
This program will provide an end to end Purchases Audit Training:
Sourcing – Vendor Master Data – Procurement – Accounts Payable
Purchase to Payment Strategies
- Enterprise Strategies
- Evolution of the Purchasing Function
- P2P Design & Planning
- Purchasing of Goods, Services and others
- Costs of Purchasing
- Organization Design
- Cross Functional Participation
Sourcing
- The Sourcing Process
- Commercial Agreements
- The Purchase Invoice
- Purchase Claims
Vendor Master Data
- Creation of Vendor Accounts
- One-Time-Vendors
- Vendor Payment Details
- Review of Vendor Accounts
Procurement
- Requisition
- PO Creation and Monitoring
- PO Exceptions Handling
- Open PO
- PO After Invoice
- Blocked Invoice
- Manually Unblocked invoice
- PR after PO
- PO Changes
Accounts Payable
- Invoice Processing and Recording
- Invoice Monitoring
- The 3-way match
- Credit Notes and Adjustments
- AP Account Review and Supplier Statement Reconciliation
Measuring P2P Performance
- Typical P2P Scorecard
- Benchmarking and Reengineering
Executing a P2P Audit
- Creating an Engagement Plan
- The Engagement Plan Template
- Management Alignment
- Executing the Audit
- Fraud awareness
- Common Forms of P2P Fraud
- Case Study and Group Discussion
Who Should Attend
This seminar is ideal for senior internal auditors, audit supervisors and managers who want to understand or are involved in the audit of the P2P process as well as non-auditors and other assurance providers with internal control responsibilities.
