Internal Controls for Smaller Not-For-Profit and Governmental Entities
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
This on-demand course is designed to assist accountants and auditors who are working with smaller not-for profit organizations and governmental entities. The course contains a presumption that there will be a lack of segregation of duties in the internal controls of the organizations. We will review compensating and mitigating controls for the lack of segregations of duties. A discussion on developing cost effective internal controls for organizations with limited budgets will also be included.
Publication Date: September 2018
Designed For
Accountants and auditors who are working with smaller not-for profit organizations and governmental entities.
Topics Covered
- Compensating and mitigating controls
- Cost effective internal controls for organizations with limited budgets
- Work around issues with segregation of duties
Learning Objectives
- 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
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
An understanding of the COSO Framework on Internal Controls.
Advance Preparation
None
