Cost Effective Internal Controls for Small Businesses (Currently Unavailable)

Author: Robert K Minniti

This self-study course, presented by Dr. Minniti, will help you identify the need for internal controls in small businesses, differentiate types of internal controls and how they apply, recognize where a small business's compliance risks can stem from, and more. Dr. Minniti will discuss cost effective internal controls for small businesses as well as some of the reasons small business owners and bookkeepers resist formalized internal controls.

Publication Date: February 2019

Designed For
CPAs who are working with small businesses.

Topics Covered

• Accounting Procedures
• Responsibility for Internal Controls
• Financial Statement Assertions
• Definition of Internal Controls
• COSO Framework for Internal Control
• COSO Framework for Internal Control- Risk Assessment
• Risk Assessment- Conducting a Risk Assessment
• Small Business Risks
• COSO Framework for Internal Control- Control Environment
• COSO Framework for Internal Control- Control Activities
• COSO Framework for Internal Control- Information & Communication
• COSO Framework for Internal Control- Monitoring
• Types of Internal Controls
• Internal Controls for Small Businesses

Learning Objectives

• Identify the need for internal controls in small businesses
• Recognize how to design internal controls for small businesses
• Differentiate types of internal controls and how they apply
• Describe internal control documentation
• Identify what is considered to be the most important part of the COSO Internal Control Framework
• Describe the five components of the COSO Internal Control Framework
• Recognize types of control relates to a single activity
• Identify the three aspects of risk assessment COSO defined
• Recognize where a small business's compliance risks can stem from
• Describe the type of controls can reduce an organization's efficiency
• Identify the four components of Information and Communication as defined by COSO
• Recognize the recommended internal control for a small business with regard to technology

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
An understanding of the COSO Framework on Internal Controls

Advance Preparation
None