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Effective Internal Controls for Small Businesses (Course Id 936)

QAS / Registry
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Author : Patricia McCarthy, MBA
Course Length : Pages: 13 ||| Review Questions: 6 ||| Final Exam Questions: 8
CPE Credits : 1.5
IRS Credits : 0
Price : $13.45
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Management Services - Management Services for Course Id 936

Description :

Small business enterprises sometimes take the position that effective internal controls cannot be achieved. There aren't enough employees for adequate segregation of duties. Many, if not most, have no internal audit function. However, even within the confines of these and other challenges, small businesses can achieve an effective internal control structure.

To overcome an inability to segregate duties as well as other issues, small businesses must look for mitigating controls. The most pervasive mitigating control is the direct oversight of management. This oversight may take the form of financial statement review, approving disbursements, signing checks as well as other review processes. While there are other considerations as to whether the oversight of management may mitigate a lack of segregation of duties and other internal control challenges, if done correctly, this is one of the best ways to overcome these inherent issues.

There are internal control fundamentals that are appropriate for small businesses. This course discusses fundamental operational and accounting controls and also reviews the optimal company culture for an effective internal control environment.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 01-Jun-2021
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 936

Keywords : Management Advisory Services, Effective, Internal, Controls, Small, Businesses, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • 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
Course Contents :

Chapter 1 - Effective Internal Controls for Small Businesses

Course Learning Objectives

Course Introduction

Fundamental Operational Controls

Segregation of Duties

Cash Disbursements

Cash Receipts

Accounts Receivable

Accounts Payable


Fundamental Accounting Controls

Fundamental Internal Control Environment

Case Study Koss Corporation

Other Factors to Consider

Controls over Information Technology

HR Procedures

Risk Assessment

Review Questions



Management Advisory Services Course 936 Home: https://www.cpethink.com/practice-management-cpa-courses
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