Product Image

Internal Control Best Practices for Small and Medium-Sized Entities

Author/Moderator: Glen Helms, Ph.D, CPA, CIA, CISA, CFF, CITP
Publisher: AICPA
Availability: Varies by Format (See Below)
See Below To Add To Cart
View Online Catalog
Divider
Print This Page
Divider

Description

Available Formats:  Text | On-Demand | See All

This course provides practical guidance for those involved with internal control responsibilities (auditing, monitoring, implementing, etc.) in adapting the updated COSO Internal Control Framework to small and medium-sized entities. Internal control concepts are applicable to every entity, regardless of size. However, there is no “one size fits all” set of rules that can be applied to all entities. Often times the internal control “best practices” that have evolved over time are based upon large entity environments and these “best practices” are not necessarily relevant to small and medium-sized entities.

This course will show you the best practices for designing, implementing, monitoring, evaluating, and auditing cost-effective internal controls for small and medium-sized entities.

Topics Discussed:

  • The components of the updated COSO Internal Control Framework and related principles
  • Adapting the updated COSO internal control framework principles for small and medium-sized entities
  • A discussion of cost-effective controls that can be implemented in very small entities (mom and pop business, small school district or municipality)
  • Identifying the principles of information and communication
  • In-depth coverage of cost-effective transaction processing systems controls
  • IT and manual controls that can be implemented in a variety of processing environments (in-house, cloud computing, network, etc.)

Learning Objectives:
When you complete this course, you will be able to:

  • Identify a variety of specific internal controls that can be implemented in a cost-effective manner for each component of the updated COSO Integrated Framework in both small and medium-sized entities and larger entities with decentralized operations.
  • Design controls for very small entities.
  • Explain why a “one-size fits all best practices” approach might not be appropriate for many entities.
  • Evaluate the risks associated with the failure to implement internal controls and be cognizant of inexpensive compensating controls that could decrease these risks.
  • Understand different IT and manual controls that should be present in a variety of small and medium-sized entities.
  • Implement mitigating controls when primary controls are not available.

Who Will Benefit?
Accountants, auditors, managers, and others who are responsible for implementing, monitoring, evaluating, auditing and designing cost-effective internal controls for small and medium-sized entities

Prerequisite:  None

Advanced Preparation:  None

Table of Contents

Excerpts

Subscription Info

Other Options

NASBA Field of Study: Auditing
Level: Basic
Recommended CPE Credit: Text - 10.5; On-Demand - 8.5
Internal Control Best Practices for Small and Medium-Sized Entities
Text , 2014
Product# 746110
Availability: In Stock
Regular:$193.75
AICPA Member:$155.00
Your Price:$193.75
Internal Control Best Practices for Small and Medium-Sized Entities
CPE On-Demand , 2014
Product# 164000
Availability: Online Access 1 Year
For registered users only
Regular:$193.75
AICPA Member:$155.00
Your Price:$193.75
To receive your AICPA member discount, Sign In now, or Register using your AICPA membership number.