Effective Internal Controls for Small Businesses (ICMC)

Pre-requistes:

Knowledge Level:

Major Topics:

• Fundamental Operational Controls
• Segregation of Duties
• Cash Disbursements
• Cash Receipts
• Accounts Receivable
• Accounts Payable
• Inventory
• Fundamental Accounting Controls
• Fundamental Internal Control Environment
• Case Study – Koss Corporation
• Controls over Information Technology
• HR Procedures
• Risk Assessment
  

Learning Objectives:

• 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

Designed For: