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Saturday, December 3, 2022 Live Webcast

Small Business Internal Controls, Security, and Fraud Prevention and Detection (X4-4080833)

10:00 AM - 5:46 PM EST
webcast

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8.0 CPE Credits in AA

OVERVIEW

Internal controls are more important than ever, and their importance increases seemingly daily. However, internal controls present a challenge for many smaller organizations. In this program, you will learn 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, by participating in this program, you will learn 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. Implementing many of the theoretical concepts surrounding internal controls may not be possible in some cases. Consequently, many small businesses' current internal control structure fosters an environment in which too much risk is present. This factor, coupled with the presence of 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.

DESIGNED FOR

Business professionals responsible for internal control and fraud prevention and detection

BENEFITS

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 business 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 common general controls in small businesses Identify relevant internal control procedures over revenues, cash, purchasing, payables, payroll, inventory, and fixed assets in small businesses Implement technology tools to prevent and detect occupational fraud List opportunities to enhance security over information systems and sensitive data Define alternative control procedures and describe their significance in small businesses

HIGHLIGHTS

  • 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 business 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 common general controls in small businesses

  • Identify relevant internal control procedures over revenues, cash, purchasing, payables, payroll, inventory, and fixed assets in small businesses

  • Implement technology tools to prevent and detect occupational fraud

  • List opportunities to enhance security over information systems and sensitive data

  • Define alternative control procedures and describe their significance in small businesses

COURSE LEVEL

Intermediate

ADDITIONAL NOTES

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

INSTRUCTOR

Thomas Stephens

Thomas G. Stephens, CPA, CITP, CGMA

K2 Enterprises

Thomas G. (Tommy) Stephens, Jr., CPA.CITP, CGMA Shareholder, K2 Enterprises Woodstock, Georgia tommy@k2e.com Thomas G. Stephens, Jr., received a Bachelor of Science in Business Administration degree (Major in Accounting) from Auburn University in 1985. Upon graduation, Mr. Stephens began working for an Atlanta-based public accounting firm. After earning his designation as a Certified Public Accountant, Mr. Stephens worked for BellSouth Corporation in Atlanta as an Internal Auditor. After two years as an auditor, he was promoted to Staff Manager and then Operations Manager of the Internal Audit Group. In 1991, he transferred to the Comptrollers’ department of BellSouth and served as Manager of the Cost Accounting organization. While working full-time at BellSouth Corporation, Mr. Stephens also attended graduate school, earning a Masters of Science (Major in Finance) from Georgia State University in 1992. Mr. Stephens left BellSouth in 1994 and opened his public accounting practice in the metropolitan Atlanta area. In his practice, Mr. Stephens provides accounting, tax, and consulting services to individuals and a wide variety of small and emerging businesses. Additionally, in 1995 he began authoring and presenting continuing professional education courses to accounting and finance professionals. In 2003, Mr. Stephens affiliated with K2 Enterprises and in 2007 he joined the firm as a partner. To date, he has lectured nationally on subjects such as internal controls for small businesses, technology strategies, computer hardware and software applications, tax strategies and compliance, and financial accounting standards and applications. Over the past twenty-two years, Mr. Stephens has presented over 2,100 educational sessions to over 61,000 participants nationwide. Presently, Mr. Stephens resides in Woodstock, Georgia where, in addition to his association with K2 Enterprises, he provides consulting services to small businesses and CPA firms. In addition to an active professional career, Mr. Stephens enjoys an active personal life as well. He and Michelle – his wife of thirty-one years – have two children. His hobbies include snow skiing, fishing, and running. Additionally, Mr. Stephens maintains professional memberships with the American Institute of Certified Public Accountants and the Georgia Society of Certified Public Accountants and is a past member of the Institute of Internal Auditors.