K2's 2023 Small Business Internal Controls, Security, and Fraud Prevention and Detection

Internal controls are more important than ever, and their importance increases daily. However, internal controls present a challenge for many smaller organizations. This program will teach you 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 implement preventive, detective, deterrent, and compensating controls to mitigate these risks, even without proper segregation of duties. Additionally, participating in this program will teach you technology-focused techniques for preventing and detecting fraud and securing information systems and sensitive data.

For small organizations, maintaining an effective system of internal controls presents a significant challenge. Realistically, implementing many theoretical concepts surrounding internal controls may not be possible in some cases. Consequently, many internal control structures foster an environment where too much risk exists. This factor and uncontrolled information systems 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

• 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 businesses 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 typical control techniques in small businesses
• Implement technology tools to prevent and detect occupational fraud
• List opportunities to enhance security over information systems and sensitive data

• Common challenges associated with implementing appropriate internal controls in small business environments
• Fraud in small business environments
• Internal control options in small business accounting software
• Understanding the need for application controls and general controls