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Lecture Accounting principles (12th Edition): Chapter 8 - Weygandt, Kimmel, Kieso

Chapter 8 - Fraud, internal control, and cash. In this chapter, the learning objectives are: Discuss fraud and the principles of internal control, identify the basic concepts of an accounting information system, describe the nature and purpose of a subsidiary ledger, explain how companies use special journals in journalizing. | Fraud, Internal Control, and Cash 8 Learning Objectives Discuss fraud and the principles of internal control. Apply internal control principles to cash. Identify the control features of a bank account. 3 Explain the reporting of cash. 2 1 4 Dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. Three factors that contribute to fraudulent activity. Illustration 8-1 Fraud triangle LO 1 LEARNING OBJECTIVE Discuss fraud and the principles of internal control. 1 Fraud Applies to publicly traded U.S. corporations. Required to maintain a system of internal control. Corporate executives and boards of directors must ensure that these controls are reliable and effective. Independent outside auditors must attest to the adequacy of the internal control system. SOX created the Public Company Accounting Oversight Board (PCAOB). The Sarbanes-Oxley Act LO 1 Methods and measures adopted to: Safeguard assets. Enhance the reliability of accounting records. Increase efficiency of operations. Ensure compliance with laws and regulations. Internal Control LO 1 Five Primary Components: A control environment. Risk assessment. Control activities. Information and communication. Monitoring. LO 1 Internal Control And the Controls Are . . . Internal controls are important for an effective financial reporting system. The same is true for sustainability reporting. An effective system of internal controls for sustainability reporting will help in the following ways: (1) prevent the unauthorized use of data; (2) provide reasonable assurance that the information is accurate, valid, and complete; and (3) report information that is consistent with overall sustainability accounting policies. With these types of controls, users will have the confidence that they can use the sustainability information effectively. Some regulators are calling for even more assurance through audits of this information. Companies that potentially can cause environmental . | Fraud, Internal Control, and Cash 8 Learning Objectives Discuss fraud and the principles of internal control. Apply internal control principles to cash. Identify the control features of a bank account. 3 Explain the reporting of cash. 2 1 4 Dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. Three factors that contribute to fraudulent activity. Illustration 8-1 Fraud triangle LO 1 LEARNING OBJECTIVE Discuss fraud and the principles of internal control. 1 Fraud Applies to publicly traded U.S. corporations. Required to maintain a system of internal control. Corporate executives and boards of directors must ensure that these controls are reliable and effective. Independent outside auditors must attest to the adequacy of the internal control system. SOX created the Public Company Accounting Oversight Board (PCAOB). The Sarbanes-Oxley Act LO 1 Methods and measures adopted to: Safeguard assets. Enhance the reliability of accounting .