Self-Study Course Details
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 checksas well as other review processes. While there are other considerations as to whether the oversight of management may mitigate a lack of segregation of dutiesand 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 businesses. This course discusses fundamental operational and accounting controls and also reviews the optimal company culture for an effective internal control environment.
- Identify and define appropriate internal controls for a small business entity
- Define ways to overcome lack of segregation of duties
- Associate certain internal controls with the prevention or detection of fraud
- Identify where multiple approval levels may be appropriate in the cash disbursement process
Joe is a partner at CFO Resources, LLC, a company focused on training and courseware for CPAs and is also the owner of Mill Creek Publishing LLC, a provider of self-study courses for CPAs. Joe has over 30 years of experience as a CPA in both public accounting and industry with extensive experience in financial reporting and analysis, treasury, tax, information technology, legal and regulatory matters and strategic planning. After graduation from Butler University with a degree in Accounting, Joe got his start at Ernst & Young and, subsequent to that, has served as Chief Financial Officer, Director of Treasury and Tax, Controller and Manager of Financial Planning, Reporting and Analysis for several different companies. Joe, along with his wife Patricia McCarthy, have published articles in Missouri and Texas CPA Society publications titled “Incorporating Excel Arrays into Your Audit Plan”.
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