As I continue to study for the final portion of the CPA exam, my focus is on auditing. I don't really want to be an auditor but in order to get the CPA license you still have to have the knowledge and skills of auditing. In my mind, auditing is different from what most people consider it to be. I think that most people view it as someone checking data after the facts and making sure there is not any fraud. That may be part of auditing, but I don't view it as the most important part.
Fro small business owners, internal controls and safeguards should be the most important aspects of auditing. It is a tough thing for small businesses to practice as they often have small staff sizes. This makes the segregation of duties more difficult and allows for a greater chance of fraud or theft. As a small business owner, you need to take the time to make sure that you are involved and have oversight over cash, deposits, and transactions to and/from your bank account. It may not always seem that way but it is much easier to be hands on and monitoring from the start then to try and clean something up after the fact.