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CPE Self-Study

Internal Control Best Practices for Small- and Medium-Sized Entities

  • $109.00-$139.00
    Internal Control Best Practices for Small- and Medium-Sized Entities Online Access Product #: 164003
    AICPA Member: $109.00
    Non-Member: $139.00
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    Contact a representative for group pricing or on-site training opportunities. 800.634.6780 (Option 1) | Contact Us Product #: GT-ICSM

This course provides practical guidance for those involved with internal control responsibilities (auditing, monitoring, implementing) in adapting the 2013 COSO Internal Control - Integrated Framework (the COSO 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, 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 some best practices for designing, implementing, monitoring, evaluating, and auditing cost-effective internal controls for small- and medium-sized entities.

Learning Objectives

When you complete this course, you will be able to do the following:

  • Identify a variety of specific controls that can be implemented by each principle in a cost-effective manner for each component of the COSO framework in both small and medium-sized entities and larger entities with decentralized operations.
  • Recognize the risks associated with the failure to implement internal controls and recall inexpensive compensating controls that could decrease these risks.
  • Identify different IT and manual controls that should be present in a variety of small- and medium-sized entities.
  • Recall mitigating controls when primary controls are not available.

Key Topics

  • The components of the COSO framework and related principles
  • Adapting the COSO framework principles for small and medium-sized entities
  • Cost-effective controls that can be implemented in very small entities
  • Cost-effective transaction processing systems controls
  • IT and manual controls that can be implemented in a variety of processing environments

Who Will Benefit?

  • Accountants, auditors, managers, and others who are responsible for implementing, monitoring, evaluating, auditing and designing cost-effective internal controls for small- and medium-sized entities

System Requirements

About the Authors

Glenn L. Helms, Ph.D., CPA, CISA, CIA, CFF, CITP

Dr. Glenn L. Helms was the Arthur Young Fellow in IT Auditing at the University of Houston and has served as Director of Certification for the International Certified Information Systems Auditor program. He has served on numerous national and international academic and professional committees including the American Institute of Certified Public Accountant's Auditing Standards Board's Computer Auditing Subcommittee and its Specialized Accreditation Board.

Dr. Helms has presented over 3,000 professional seminars throughout North and South America, Europe, and Asia. He has published over 70 articles in a wide range of practitioner and academic journals. He has served on the editorial advisory boards of several national and international journals. His books address security, controls and fraud in a variety of environments. He has numerous years' experience in public accounting and serves as a consultant to various organizations including CPA firms, financial institutions, and large and small entities.

Dr. Helms has authored over 50 CPE course addressing internal control, forensic accounting, and IT auditing. Dr. Helms is a multiple year recipient of the Don Farmer Award, and also the Outstanding Discussion Leader Award from the AICPA for every year that the award has been presented. He has received similar awards from state societies and universities.

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

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