#40: Internal Controls with Michael Feriancek and Daniel Owens

#40: Internal Controls with Michael Feriancek and Daniel Owens

From Q&A Over Coffee by Olsen Thielen CPAs & Advisors

August 20, 2025 · 36 min

About this episode

The episode discusses strengthening internal controls in businesses with limited resources and offers practical solutions.

In this episode of Q&A Over Coffee, host Adam Hennen sits down with Audit Principal Daniel Owens and Audit Director Michael Feriancek to explore how businesses can strengthen internal controls while working within tight budgets. The discussion covers why internal controls are essential for financial accuracy, fraud prevention, and accountability, and why businesses and organizations in particular face challenges due to limited staffing and resources. Together, they share practical, cost-effective solutions—such as leveraging board oversight, recruiting volunteers, and using technology tools like QuickBooks and Bill.com—to improve safeguards without overspending. The episode also highlights common problem areas like segregation of duties, payroll, and vendor management, and offers insights on red flags that may signal failing controls. Throughout, the message is clear: internal controls aren’t a one-time task but an ongoing journey that evolves as a business grows and changes.

People in this episode

Host: Adam Hennen

Guests: Daniel Owens, Michael Feriancek

Topics covered

  • internal controls
  • financial accuracy
  • fraud prevention
  • accountability
  • cost-effective solutions
  • business challenges
  • technology tools

Keywords

  • internal controls
  • financial accuracy
  • fraud prevention
  • cost-effective solutions
  • technology tools
  • business challenges
  • segregation of duties

Mentioned in this episode

Organizations: QuickBooks, Bill.com

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