K2’s Small Business Internal Controls, Security, and Fraud Prevention and Detection
Total Credits: 8 including 8 Auditing- Technical
- Average Rating:
- 88
- Categories:
- ACPEN Industry Institute | Industry | Accounting and Auditing
- Faculty:
- Thomas G. Stephens Jr., CPA.CITP, CGMA
- Course Levels:
- Intermediate
- Duration:
- 8 hours
- License:
Description
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.
Basic Course Information
Learning Objectives
-
Cite internal control fundamentals, including definitions and concepts, types of internal control activities, and the need for internal controls
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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
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Recognize the common types of fraud schemes occurring in small business and implement internal control measures to reduce the threat of becoming a victim
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List the objectives and common deficiencies of small business accounting systems
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Define the purpose of general controls and list examples of common general controls in small businesses
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Identify relevant internal control procedures over revenues, cash, purchasing, payables, payroll, inventory, and fixed assets in small businesses
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Implement technology tools to prevent and detect occupational fraud
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List opportunities to enhance security over information systems and sensitive data
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Define alternative control procedures and describe their significance in small businesses
Major Subjects
- Auditing
- Fraud Prevention
- Internal Controls
Course Materials
Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
Handout (3.9 MB) | Available after Purchase |
Faculty

Thomas G. Stephens Jr., CPA.CITP, CGMA Related Seminars and Products
Shareholder
K2 Enterprises
Tommy Stephens received a Bachelor of Science in Business Administration degree (Major in Accounting) from Auburn University in 1985. In 1992, he earned a Master of Science degree (Major in Finance) from Georgia State University in Atlanta. Presently, Tommy is a Certified Public Accountant, a Certified Information Technology Professional, and a Chartered Global Management Accountant.
During his professional career, Tommy has gained valuable experience in a variety of positions, including:
Working as an auditor and technology consultant for an Atlanta-based public accounting firm;
Leading an Internal Audit staff and managing a Cost Accounting team for a Fortune 500 company;
Serving as a Chief Financial Officer for an international engineering organization; and
Founding and managing his public accounting firm that provides accounting, tax, and consulting services to individuals and a variety of small and emerging businesses
In 1995, Tommy began authoring and presenting continuing professional education courses to accounting and finance professionals. In 2003, he affiliated with K2 Enterprises, and in 2007, he joined the firm as a partner. To date, he has lectured internationally 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-nine years, Tommy has presented over 3,200 educational sessions to over 82,000 participants throughout the United States and Canada.
Presently, Tommy resides in Woodstock, Georgia, where he enjoys an active personal life with his wife. His hobbies include snow skiing, fishing, running, and other outdoor activities. Tommy maintains professional memberships with the AICPA and the Georgia Society of Certified Public Accountants. Additionally, he is a past member of the Institute of Internal Auditors.
Additional Info
Basic Course Information
Original Recording Date 2021Date Added to Catalog 6/24/2021
Prerequisites Basic understanding of internal controls and accounting and administrative processes in smaller organizations
Advanced Preparation None
Designed For Business professionals responsible for internal control and fraud prevention and detection
Course Developer K2 Enterprises
Yellow Book No
Additional Information
Instructional Delivery Method Group Internet BasedComplaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Refund/Cancellation Policy 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.
Course Registration Requirements Online Registration
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