827ST - Today's Topics Financial Accounting Information for...

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Today’s Topics PLEASE TURN OFF CELL PHONES Financial Accounting Information for investor decision-making in accountability situations This class will: Describe risks to quality financial accounting information Processes employed to address risks to information
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Fig 24. Information Flows for Corporate Governance Stockholder Management Employee represent an accountability relationship Creates risk
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Fig 25. REACTIONS TO RISK Avoid Insure Accept
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Fig 26. Information Assurance in General Process (Risk Control) Decision Maker Accounter 1 Measurement Rule Accounting 2 3 Decision represents the path of information
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Fig 27. Information Assurance for Managers Management Employee Purpose 1 Resources Measurement Rule Accounting 2 3 Decision
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Fig 28. INTERNAL CONTROL The process designed and effected by an organization’s management , Board of Directors and other personnel to provide reasonable assurance that the organization’s objectives are being met: Operations efficient and effective use of resources reliable published financial statements Compliance with applicable laws and regulations From COSO – Committee of Sponsoring Organizations
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Fig 29. PRODUCTION PROCESS Raw Materials Assembly Line Product CONTROL Transactions Accounting System Financial Statements CONTROL
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Fraud Triangle
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This note was uploaded on 03/18/2008 for the course ACIS 2116 taught by Professor Cmeasterwood during the Fall '08 term at Virginia Tech.

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827ST - Today's Topics Financial Accounting Information for...

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