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Internal Control Best Practices for Small- and Medium-Sized Entities (ICSM16)
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11/17/2016
When: 11/17/2016
8:30 AM until 4:30 PM
Where: Doubletree by Hilton Lafayette
1521 W. Pinhook Road
Lafayette, Louisiana 
United States
Presenter: Anne Marchetti


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Acronym ICSM
CPE 8 hours
Vendor AICPA
Category
Accounting & Auditing
Level Basic
Prerequisite None
Adv Prep None
Who should attend

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

Registration Early Bird
(through 11/2)
Standard
(after 11/2)
Member $289 $339
CPA Non-Member $389 $439

The Member rate applies to LCPA members, reciprocal state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

AICPA members receive an additional $30 off the registration fee for this course.

Discount made at the time of checkout. Qualifying members should have received a promo code via email – if you are unsure whether you qualify, or you lost/never received your code, please call the LCPA Member Service Center at 504.464.1040 or 800.288.5272.

Description

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. 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.

Often 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.

Objectives

  • Identify a variety of specific internal controls that can be implemented in a cost-effective manner for each component of the updated COSO Integrated 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.

Topics

  • The components of the updated COSO Internal Control Framework and related principles
  • Adapting the updated COSO internal control 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

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Certified Public Accountants

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