Internal Controls for Smaller Not-For-Profit and Governmental Entities
Authored by Robert Minniti
About this Course
Topics covered include:
Compensating and mitigating controls;
Cost effective internal controls for organizations with limited budgets;
Work around issues with segregation of duties.
Upon completing this course, you should be able to:
Recognize how to work around issues with segregation of duties;
Identify and apply cost effective internal controls;
Identify components of the COSO Framework for internal control;
Describe the types of internal controls designed to alert management of frauds after they have occurred;
Recognize assertion for account balances;
Identify the year COSO published the internal control framework for small and medium sized entities;
Recognize when management must make financial statement assertions;
Describe controls that include safeguarding entities assets as part of controls;
Identify special risks applicable to not-for-profits;
Differentiate control environment components;
Recognize risk according to AU-C 315, Circumstances that Create Risk;
Identify reasons for having internal controls;
Describe the document used for internal controls;
Recognize compliance risk for an organization;
Recognize risks specific to smaller not-for-profit and government entities.
An understanding of the COSO Framework on Internal Controls.