Internal Controls for Small and Medium-Sized Entities

Overview

This session explores the importance of internal controls with an emphasis on best practices for small- and medium-sized entities.  We will examine the roles of both preventive and detective controls and practical, cost-effective suggestions for implementing effective internal controls will be addressed.

Highlights

• Overview of controls
• Preventative controls
• Detective controls
• Controls for SMEs

Prerequisites

A basic understanding of financial statement audits

Designed For

CPAs in public practice and accountants in industry who want to enhance their awareness of practical internal controls for small- and medium-sized entities

Objectives

• Recognize the importance of internal controls
• Appreciate nuances of internal controls for small and medium-sized entities
• Distinguish controls as either preventive or detective
• Identify useful controls for organizations that have limited resources

Preparation

None