Internal Controls for Smaller Not-For-Profit and Governmental Entities

Author: Robert K Minniti

This course is designed to assist accountants and auditors who are working with smaller not-for profit organizations and governmental entities. The course contains a presumption that there will be a lack of segregation of duties in the internal controls of the organizations. We will review compensating and mitigating controls for the lack of segregations of duties and will discuss developing cost-effective internal controls for organizations with limited budgets.

Publication Date: October 2022

Designed For
CFOs, CEOs, CPAs, CMAs, CIAs, MAFFs, CGMAs, CFEs, business owners, business managers, internal auditors, external auditors, corporate accountants, government accountants and risk management personnel.

Topics Covered

• Risks & Internal Controls
• Review of the Financial Statement Assertions
• Internal Controls
• COVID-19 Issues
• Evaluating Internal Controls

Learning Objectives

• Identify the need for internal controls in small not-for-profits
• Identify the need for internal controls in small Governmental entities
• Recognize how to design internal controls for governments and not-for-profits
• Identify the special risk that is more applicable to not-for-profits than for governments
• Identify the first step in the COSO process for creating internal controls
• Recognize what is not normally used to document internal controls
• Identify what does not constitute a compliance risk for an organization
• Identify the statute of limitations for COVID-19 stimulus plans such as PPP and EIDL loans

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (2 hours)

Program Prerequisites
An understanding of the COSO Framework on Internal Controls.

Advance Preparation
None