Cost Effective Internal Controls for Small Businesses
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
This course is designed to assist accountants and auditors who are working with small businesses. The course contains a presumption that there will be a lack of segregation of duties in the internal controls of small businesses. We will review compensating and mitigating controls for the lack of segregations of duties and will discuss developing cost-effective internal controls for organizations with limited budgets. We will also discuss working directly with small business owners and bookkeepers and some of their resistance to formalized internal controls.
Publication Date: October 2022
Designed For
CPAs, CMAs, CIAs, CGMAs, CFEs, auditors, accountants, bookkeepers, and others who are working with small businesses.
Topics Covered
- Why are Internal Controls Necessary?
- Review of the Financial Statement Assertions
- Internal Controls
- COVID-19 Issues
Learning Objectives
- Identify the need for internal controls in small businesses
- Identify and develop cost effective internal controls for small businesses
- Identify the COSO component often referred to as the "Tone at the Top"
- Identify an aspect of risk assessment, control environment, and control activities
- Identify who is required to document their understanding of internal controls
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
