Internal Control Best Practices for Small and Medium-Sized Entities

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Online registration for this course is now closed. Please contact the Member Service Center at (850) 224-2727 or (800) 342-3197 if you wish to inquire about registering.

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8 Credits

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


When you complete this course you will able to:

  • Identify a variety of specific internal controls that can be implemented in a cost-effective manner for each component of the updated COSO Integrated Framework in both small and medium-sized entities and larger entities with decentralized operations
  • Design controls for very small entities
  • Explain why a "one-size fits all best practices" approach might not be appropriate for many entities
  • Evaluate the risks associated with the failure to implement internal controls and be cognizant of inexpensive compensating controls that could decrease these risks
  • Understand different IT and manual controls that should be present in a variety of small and medium-sized entities
  • Implement mitigating controls when primary controls are not available.


Major Topics

  • The components of the updated COSO Internal Control Framework and related principles
  • Adapting the updated COSO internal control framework principles for small and medium-sized entities
  • A discussion of cost-effective controls that can be implemented in very small entities (mom and pop business, small school district or municipality)
  • In-depth coverage of cost-effective transaction processing systems controls
  • IT and manual controls that can be implemented in a variety of processing environments (in-house, cloud computing, network, etc.)


Designed For

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




Please select the appropriate session or option below to continue with your online purchase

Tuesday, December 9, 2014

General Sessions

FICPA Seminar EZMaterials! Instead of picking up paper manuals at the event, you’ll be able to download the EZMaterials as searchable PDFs to your laptop, tablet or other device seven days before the event. For an additional fee you may choose to purchase a hardcopy of the seminar manuals. If requested during registration at least eight days prior to the course, your hardcopy will be available for pickup at the event. Click here for more information.