2 Credits: Auditing
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 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.
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.
November 14, 2022
There are no prerequisites.
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Joseph Helstrom, CPA, is a partner at CFO Resources, LLC, a company focused on training and courseware for CPAs. He’s also the owner of Mill Creek Publishing LLC. Joe has over 30 years of experience as a CPA in both public accounting and industry, with extensive experience in financial reporting and analysis, treasury, tax, information technology, legal and regulatory matters, and strategic planning. After graduation from Butler University with a degree in accounting, Joe got his start at Ernst & Young. Subsequent to that, he has served for several different companies as a chief financial officer; director of treasury and …