Seminar In-Depth

Course Description

More than ever, the importance of internal controls is being escalated, seemingly on a daily basis. For small businesses, maintaining an effective system of internal controls presents a significant challenge. Implementing many of the theoretical concepts surrounding internal controls – such as segregation of duties – may not be practical or even possible in some cases. Consequently, the current internal control structure of many small businesses fosters an environment in which too much risk is present. This, coupled with the presence of computerized accounting software, can often lead to disastrous results for small business owners and managers. This course assists accountants in evaluating, developing, and implementing an effective internal control structure in a small business environment. Throughout this course, the concept of risk-based internal controls is stressed, ensuring that small businesses are insulated from the most significant risks. Additionally, in this seminar, you will learn technology-focused techniques for preventing and detecting fraud as well as securing information systems and sensitive data. Course participants will benefit from the case studies used in class in which theoretical concepts are implemented and demonstrated in leading small business accounting software programs such as QuickBooks, Peachtree, Microsoft Dynamics GP, and Sage MAS 90.

This course provides accountants with the necessary insight and tools to design, implement, and monitor effective internal controls, security, and anti-fraud measures for small businesses.

“Great real life examples! Great easy & simple techniques that can easily be applied in business practice that will certainly add value to any organization.” K.E., CPA MN

“Good information & practical examples.” T.H., CPA CA

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Course Information

CPE Credit: Recommended 8 Hours Accounting

Instructional delivery method: Group-live demo and discussion using color computer projection – NOT a hands-on course

Prerequisites: Basic understanding of internal control structures

Program level: Intermediate

Advanced preparation: None

Designed for: Accountants responsible for internal control and fraud prevention and detection

Who should attend: Accountants in public practice providing services to small businesses and accountants in private industry employed by small businesses

Course Highlights

• Cite internal control fundamentals, including Definitions and Concepts, Types of Internal Control Activities, and the Need for Internal Controls
• Recognize common small business control deficiencies and issues, including Concentration of Ownership, Inadequate Segregation of Duties, and Lack of Formal Accounting Education by Owners and Employees, and list five key risk areas for small businesses
• Identify the differences between accounting and administrative controls and describe the objectives and common deficiencies of small business accounting systems
• Describe the purpose of general controls and list examples of common general controls in small businesses
• Identify relevant internal control procedures over revenues, cash, purchasing, payables, payroll, inventory, and fixed assets in small businesses
• Recognize how to utilize technology tools to prevent and detect occupational fraud
• Identify opportunities to enhance security over information systems and sensitive data
• Define alternative control procedures and describe their significance in small businesses

Dates & Locations