Course Information
Effective Internal Controls for Small Businesses
Course Information
| Title: | Effective Internal Controls for Small Businesses |
|---|---|
| Category: | Accounting and Auditing |
| Field of Study: | Auditing |
| Course Code: | A017-0506 |
| CPE Credits: | 2.0 |
| Price: | 19.95 |
Description
Description:
Small business enterprises sometimes take the position that effective internal controls cannot be achieved. There aren’t enough employees for adequate segregation of duties. Many, if not most, have no internal audit function. However, even within the confines of these and other challenges, small businesses can achieve an effective internal control structure. To overcome an inability to segregate duties as well as other issues, small businesses must look for mitigating controls. The most pervasive mitigating control is the direct oversight of management. This oversight may take the form of financial statement review, approving disbursements, signing checks as well as other review processes. While there are other considerations as to whether the oversight of management may mitigate a lack of segregation of duties and other internal control challenges, if done correctly, this is one of the best ways to overcome these inherent issues. There are internal control fundamentals that are appropriate for small business
Delivery Method: Online Interactive Self Study
Level: Overview
Prerequisites: None
Advanced Preparation: None
Course Details
Category: Accounting and Auditing
Field of Study: Auditing
Passing Score: 70%
Publication Date: 04/09/2019
Technical Details: Auditing is a technical field of study.
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Objectives
Objectives:
1. Identify and define appropriate internal controls for a small business entity 2. Define ways to overcome lack of segregation of duties 3. Associate certain internal controls with the prevention or detection of fraud 4. Identify where multiple approval levels may be appropriate in the cash disbursement process
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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: No IRS credit for Enrolled Agents.
Profession Identifiers: CPA