Implementation of Internal Controls in the SME Context

Implementation of Internal Controls in the SME Context
Distance Learning (DL) courses are sessions that have been recorded from live, in-person offerings and made available as on-demand videos online, along with any corresponding course materials. Note these are purely self-study products and there will be no access to instructors for questions and answers. Each title qualifies for verifiable CPD hours upon successful completion of a quiz at the end of the session. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this, you will no longer have access to the quiz.

NOTE: Course login details are normally sent to registrants within one week from date of registration.


Recorded: November 2021 

Because the video recordings are taken from live seminars, the information presented is up-to-date at the time of recording. While we make an effort to keep our inventory updated and seasonally remove outdated titles, changes in accounting, tax and other acts and legislations can happen at any time. It is up to the purchaser to take note of the recording date, and to determine for themselves whether the recorded video is still relevant to their needs. 

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.

By the end of this seminar, participants will be able to:

  • Increase awareness of emerging trends and issues such as cloud computing and cybersecurity that impact internal controls, and CPA’s in the SME context.
  • Recognize the governance and leadership conditions for success when setting up internal controls.
  • Evaluate risks linked to internal controls and adapt the controls of the organization according to its tolerance and ability to take risks.
  • Use two key business cycles, Purchase-To-Pay (P2P) and Order-To-Cash (O2C), to analyze and prepare appropriate control recommendations including: process analysis, risk assessment, and control objectives.
  • Using the COSO Enterprise Risk Management (ERM) methodology, design and evaluate adequate controls for each of two key processes: P2P and O2C
  • Identify the links between the expanded role of the controller, increased risk of errors and fraud, and appropriate internal controls.
  • Identify the roles and responsibilities of the various stakeholders of the organization as relates to adequate internal controls in the SME context.


  • Current trends and emerging issues that impact internal control
  • Governance and leadership in the SME context
  • 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)

  • Case study: Steps for implementing internal controls in a Purchasing process. 

Purchase-To-Pay (P2P)

  • Using a checklist approach to effective implementation of internal controls.
  • Establishing the conditions for the successful implementation of internal controls


  • No prerequisite seminars are required
  • Internal Controls - Industry Sector is recommended
  • Participants should be familiar with, or have some experience in, the finance function of an organization, specifically in the purchasing and/or sales cycles
  • Participants should be familiar with the COSO Enterprise Risk Management framework

This seminar will be of benefit to those who occupy roles in the financial management function of the organization, its risk management, or its governance.

  • The seminar is oriented to all levels; those beginning their careers in the management of the finance function, new controllers and directors of finance, and seasoned professionals looking to explore emerging issues related to internal controls.
  • This seminar is oriented towards SME organizations, but the material is of benefit to all organization types including not-for-profit organizations.

CPD-7 Hours

4/1/2022 - 3/31/2023 11:59 PM