Ch 05 - 1 LEARNING OBJECTIVE 1 Describe Sarbanes- Oxley...

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Unformatted text preview: 1 LEARNING OBJECTIVE 1 Describe Sarbanes- Oxley Act, 2002 & its impact on internal control, reporting. 2 BEFORE SARBANES- BEFORE SARBANES- OXLEY OXLEY LO 1 3 SARBANES-OXLEY ACT 2002 Congress attempt to restore public confidence Requires public companies to improve internal controls that safeguard assets LO 1 4 LEARNING OBJECTIVE 2 Describe & illustrate objectives & elements of internal control. 5 INTERNAL CONTROL INTERNAL CONTROL OBJECTIVES OBJECTIVES LO 2 6 How does management achieve its internal control objectives? LO 2 INTERNAL CONTROL 7 5 ELEMENTS OF INTERNAL CONTROL Control environment Risk assessment Control procedures Information & Communication Monitoring LO 2 8 LO 2 EXHIBIT EXHIBIT 2 2 9 Control environment is management & employee attitudes about importance of internal control LO 2 CONTROL ENVIRONMENT CONTROL ENVIRONMENT Continued 10 Respect Competency Honesty LO 2 CONTROL ENVIRONMENT CONTROL ENVIRONMENT 11 Risk assessment identifies risks so management can take steps to control them....
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Ch 05 - 1 LEARNING OBJECTIVE 1 Describe Sarbanes- Oxley...

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