Internal Control Best Practices for Small- and Medium-Sized Entities (111232A-15)
Description
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.
Learning Objectives
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
Major Topics
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
)
Course Level
Basic
CPE Field of Study
Auditing
8
Location
Loyola Graduate Center
2034 Greenspring Dr Lutherville-Timonium, MD21093US
