Date of Conferral

2023

Degree

Doctor of Business Administration (D.B.A.)

School

Business Administration

Advisor

Inez Black

Abstract

The absence of financial expertise and internal control systems contributes to losing business assets and profitability. Small business leaders who lack internal control systems and strategies to protect against the financial loss of business assets and profitability may be vulnerable and suffer losses. Grounded in the Committee of the Sponsoring Organization of the Treadway Commission (COSO) internal control-integrated framework, this qualitative multiple-case study explores internal control system strategies that small business leaders use to protect business assets and profitability. The participants were five small business leaders from the Western region of the United States who have successfully operated for over 2 years and developed and implemented internal control system strategies. Data were collected and analyzed from semistructured interviews, interview transcript summaries, written internal control systems procedures, business plans, standards of procedures manuals, financial reporting records, employee handbooks, organizational charts, and hiring procedures. Through thematic analysis, four themes emerged: (a) internal control systems and procedures, (b) benefits of internal control systems, (c) challenges of developing internal control systems strategies, and (d) internal and external data, communication, and assessment. Key recommendations are to review and apply the COSO framework's five components and seventeen principles to develop and strengthen new or existing communications strategies, business processes, and procedures while utilizing accounting and financial applications to assess and plan for future expansion. The positive social change could increase enterprise development and improve the current unemployment rate in the Western region of the United States.

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