Many Small to Mid-size Enterprise’s (SME’s) are privately held and have diverse expectations of good governance, management responsibilities, and appropriate internal control. Depending on the size of the organization, the title now used to describe this vital function has also become more varied: Controller, Director of Finance, Accounting Manager, VP Finance and even CFO. This is a hands-on course intended to give new, and experienced, financial leaders an opportunity to explore and discuss implementation of internal controls in the SME context, using the COSO Enterprise Risk Management Methodology.

Today’s competitive business environment is rapidly evolving - the digital economy, cloud technology, remote work, cybersecurity. Leadership and expectations of the finance function are also evolving rapidly, resulting in diverse definitions of good governance, management responsibility, and appropriate internal control. Depending on the size of the organization, the title now used to describe this vital function has also become more varied: Controller, Director of Finance, Accounting Manager, VP Finance and even CFO. As expectations of this key function continue to broaden to incorporate IT, HR and operations responsibilities, one of the main challenges facing CPA’s is to assume increasing operational responsibilities yet maintain efficient and cost-effective internal controls and segregation of duties. The risks to the organization have broadened, resulting in increased risk to the CPA as the leader of the finance function, and personally as a director or officer. Through discussion and exercises using actual real-world examples, we will work through two key cycles, the Purchase-To-Pay process, and the Order-To-Cash process, with the goal of understanding the conditions for the successful implementation of internal controls in the current SME context.

Topics Include:

• Current trends and emerging issues that impact internal control
  • Expanded role of the financial leader in the SME
  • Cloud computing and data security
  • Cybersecurity
  • Enterprise 4.0
  • Internet of things
  • Accounting process automation tools
  • Third-party handling of certain key business functions such as vendor procurement
• Governance and leadership in the SME context
  • Governance role and responsibility for internal controls
  • Leadership role and responsibility for internal controls
  • Finance function role and responsibility for internal controls
  • Other key stakeholders having an interest in internal controls
• Overview of the COSO Enterprise Risk Management (ERM) internal control model.
• Case study: Steps for implementing internal controls in a Sales process.
  • Order-To-Cash (O2C)
  • Process analysis
  • Risk assessment
  • Control objectives
  • Designing controls
  • Control Assessment
• Case study: Steps for implementing internal controls in a Purchasing process.
  • Purchase-To-Pay (P2P)
  • Process analysis
  • Risk assessment
  • Control objectives
  • Designing controls
  • Control Assessment
• Using a checklist approach to effective implementation of internal controls.
• Establishing the conditions for the successful implementation of internal controls.

NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2022 or 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

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