Effective Internal Controls for Small Businesses

2 Credits: Auditing


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Effective Internal Controls for Small Businesses

Course Level
CPE Credits

2 Credits: Auditing

Course Description

Many small businesses grapple with the challenge of establishing robust internal controls, particularly in the context of segregation of duties, which is crucial to minimizing fraud risk. This course addresses the problem by focusing on the unique operational and accounting controls necessary for small businesses. It agitates the issue by highlighting the heightened risk of fraud due to inadequate controls and the potential for financial loss. The solution is presented through practical strategies for segregating duties and implementing effective management oversight. The course covers essential areas such as cash disbursements, cash receipts, and inventory management, providing participants with the knowledge to create an optimal control environment to safeguard their business.

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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.
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Course Specifics

Course ID
Revision Date
November 14, 2022

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

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 Headshot

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 …