K2’s Small Business Internal Controls, Security, and Fraud Prevention and Detection

Internal controls are more important than ever, and their importance increases seemingly on a daily basis. However, internal controls present a challenge for many smaller organizations. In this program, you will learn how to evaluate, develop, and implement an effective internal control structure in a small business environment. You will identify how to assess risk in smaller organizations and how to implement preventive, detective, deterrent, and compensating controls to mitigate these risks, even in the absence of proper segregation of duties. Additionally, by participating in this program, you will learn technology-focused techniques for preventing and detecting fraud as well as securing information systems and sensitive data. As a participant, you will benefit from the case studies used in class in which theoretical concepts are implemented and demonstrated in leading small business accounting software programs, such as QuickBooks and QuickBooks Online, Sage 50/Peachtree, Microsoft Dynamics GP, and Sage 100.

For small organizations, maintaining an effective system of internal controls presents a significant challenge. Implementing many of the theoretical concepts surrounding internal controls – such as segregation of duties – may not be practical or even possible in some cases. Consequently, the current internal control structure of many small businesses fosters an environment in which too much risk is present. This, coupled with the presence of uncontrolled information systems and computerized accounting software, can often lead to disastrous results. Participate in this program to learn the necessary insights and tools to design, implement, and monitor effective internal controls, security, and anti-fraud measures in small organizations.

Basic Course Information

Upon completing this course, you should be able to:

• Cite internal control fundamentals, including definitions and concepts, types of internal control activities, and the need for internal controls

• Identify common small business control deficiencies and issues, including concentration of ownership and inadequate segregation of duties, and list five key risk areas for small businesses

• Recognize the common types of fraud schemes occurring in small business and implement internal control measures to reduce the threat of becoming a victim

• List the objectives and common deficiencies of small business accounting systems

• Define the purpose of general controls and list examples of common general controls in small businesses

• Identify relevant internal control procedures over revenues, cash, purchasing, payables, payroll, inventory, and fixed assets in small businesses

• Implement technology tools to prevent and detect occupational fraud

• List opportunities to enhance security over information systems and sensitive data

• Define alternative control procedures and describe their significance in small businesses

• Auditing
• Fraud Prevention
• Internal Controls