Study guide test 2 - FA1 - PDF.pdf

Study guide test 2 - FA1 - PDF.pdf - Test two Chapter 3 4...

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Test two - Chapter 3 & 4 Forensic accounting 1 Four transaction cycles: - Revenue (customer purchase order > sales order > ship goods > customer invoice) - Expenditure (Purchase requisition > Purchase order > Receive goods > vendor invoice) - Production (Production requisition > Production order > Manufacture > transfer to finished goods > Release goods to customers) - Finance (Collect customer payment, Make vendor payment, Cash in & out) Objectives of internal controls - Ensuring the integrity and reliability of the financial reports - Ensuring compliance with applicable laws, regulations, professional rules, and contractual obligations - Promoting strategic, tactical, and operational efficiency and effectiveness. The 5 main components or elements or internal control: - The control environment (the overall atmosphere in which the employees operate) Ethics, Culture, assigned responsibilities, audit committee - Risk assessment (design controls in light of the company’s ERM system) -
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  • Winter '18
  • JEANETTE GOODWIN
  • financial accounting standards

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