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Ch5 - Sarbanes-Oxley Internal Controls and Cash Accounting...

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Sarbanes-Oxley, Internal Controls and Cash Accounting 200 Chapter 5
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2 Internal Controls: Policies and procedures a business puts in place to accomplish the following objectives 1. Protect Assets: Physically and otherwise safeguard all assets. Ensure that all assets are used for business purposes. 2. Assure that Business Information is accurate. 3. Assure that employees comply with Laws and Regulations.
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Management achieves these objectives by designing and applying the five elements of internal control appropriately: 1. Control e nvironment : is the overall attitudes of management and employees concerning internal controls. It includes: Respect Competency Honesty
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2. R isk Assessment: Does the business face lots of risks including… competition, customer and employee theft, increased governmental regulation? These must be identified. Then, internal control procedures must be put in place to minimize these risks. –performance based bonus executives in banking industry. 3. C ontrol Procedures: are established to minimize risk and ensure that business goals (including the prevention of fraud) will be achieved. Hire competent personnel, separate related duties or operations, implementing proofs and security measures, mandate vacations for all employees.
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