8.docx - Chapter 7 Fraud Internal Control and Cash Fraud...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
3/2/2018 Chapter 7. Fraud, Internal Control, and Cash Fraud and internal control o Fraud Opportunity Financial pressure Rationalization o The Sarbanes-Oxley Act Applies to publicly traded U.S. corp. Require a system of internal control Executives supervise Independent outside auditors must attest SOX created the PCAOB o Internal control Methods & measures Safeguard assets Enhance reliability Increase efficiency Ensure compliance Five primary components Control environment Risk assessment Control activities Information & communication monitoring o Principles of internal control activities Establishment of responsibility Require limiting access only to authorized personnel Segregation of duties Different individuals should be responsible Record-keeping for an asset should be separate from the physical custody of that asset.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern