One of the biggest challenges many small business face is how to segregate duties to reduce the risk of fraud. Proper internal controls are key as well as the implementation of management oversight to ensure that appropriate controls are in place and performed. This internal audit CPE course discusses the fundamental operational and accounting controls unique to small businesses and also reviews the optimal company culture for an effective internal control environment. Topics covered include segregation of duties, cash disbursements, cash receipts, and inventory. Learn how to segregate duties and implement mitigating controls to help detect and reduce the risk of fraud.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify appropriate internal controls for a small business entity, noting examples of good internal controls and the risks associated with a lack of controls;
Note ways to mitigate and overcome a lack of segregation of duties;
Recognize which internal controls will detect weaknesses and aid in the prevention or detection of fraud; and
Identify where multiple approval levels may be appropriate in the cash disbursement process.
Major Topics
Effective Internal Controls for Small Businesses
Koss Corporation
