Internal Control Best Practices for Small- and Medium-Sized Entities
128 | Course | Basic | Scheduled
This course provides practical guidance for those involved with internal control responsibilities (auditing, monitoring, implementing, etc.) in adapting the 2013 COSO Internal Control - Integrated Framework (the COSO 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 some best practices for designing, implementing, monitoring, evaluating and auditing cost-effective internal controls for small and medium-sized entities.
|Number of Credits||Type of Credits|
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
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
- The components of the COSO framework and related principles
- Adapting the COSO framework principles for small and medium-sized entities
- Cost-effective controls that can be implemented in very small entities
- Cost-effective transaction processing systems controls
- IT and manual controls that can be implemented in a variety of processing environments
- Identify a variety of specific internal controls that can be implemented in a cost-effective manner for each component of the updated COSO framework in both small and medium-sized entities and larger entities with decentralized operations
- Recall why a "one-size-fits-all best practices" approach might not be appropriate for many entities
- Recognize the risks associated with the failure to implement internal controls and recall inexpensive compensating controls that could decrease these risks
- Identify different IT and manual controls that should be present in a variety of small and medium-sized entities
- Recall mitigating controls when primary controls are not available
- Member (Early Bird)
- Non-Member (Early Bird)
Anne M. Marchetti
Anne M. Marchetti currently operates Account-Ability Consulting and provides advisory and consulting services in the areas of Sarbanes-Oxley compliance, internal controls optimization, corporate governance, enterprise risk management, IFRS, financial system implementation, and training/education. She has 25 years of finance and accounting experience in both private industry and public accounting. In addition, she is a Sarbanes-Oxley subject matter expert focused on the design, implementation, analysis, and optimization of internal control systems and corporate governance and risk management programs. Also, she has spoken at numerous conferences as well as published several articles on this particular subject. She has worked globally with both public and private entities in most industries as well as organizations of all sizes. She regularly interacts with external audit firms as a liason on behalf of these organizations.
Ms. Marchetti served as the Global Service Line Director - Governance and Risk Management Practice at Parson Consulting. As the Practice Director, she worked with numerous clients on Sarbanes-Oxley compliance initiatives and frequently collaborated as well as presented to the Board of Directors in regard to Sarbanes-Oxley compliance, Corporate Governance, and Enterprise Risk Management. She has designed training programs for Board of Directors and Audit Committees as well as end users and consultants on various business software applications, Sarbanes-Oxley compliance, ERM in addition to IFRS, and has conducted over 200 formal training seminars.
Ms. Marchetti has also served as an assistant controller for a manufacturing company and has held positions in public accounting as well as provided expertise in consolidation and financial reporting with Hyperion Solutions. She has authored three books focused on enterprise risk management and internal controls.