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’ transaction processing systems. Transaction processing IT and manual controls are appropriate for every entity, regardless of size. However, there is no standard set of transaction processing controls that can be applied to all entities. Oftentimes the transaction processing manual and IT internal controls “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. Even those with transaction processing control responsibilities who are involved with large entities should benefit from this course as large entities are often a conglomeration of divisions, stores, departments, etc. Many controls that are appropriate for small and medium-sized entities are also appropriate in these decentralized environments.
Course ID: 1
Internal Controls for Small- and Medium-Sized Entities
- Recall a variety of internal controls that can be implemented in a cost-effective manner for small and medium-sized entities' transaction processing systems in accordance with the updated COSO integrated framework.
- Recall why a "one-size fits all best practices" set of transaction processing controls might not be appropriate for small and medium-sized entities.
- Recognize different mitigating controls that can be implemented when primary controls are not available in small and medium-sized entities' transaction processing systems.
- The Control Activities component of the updated COSO Internal Control Framework
- Examples of major transaction processing systems
- Cost-effective manual and IT transaction processing controls that can be implemented in very small entities
- Controls that can be implemented in a variety of IT environments commonly found in small and medium-sized entities
DESIGNED FORAccountants, auditors, managers, and others who are responsible for implementing, monitoring, evaluating, auditing, and designing cost-effective transaction processing system internal controls for small and mediumsized entities
FIELD OF STUDY