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Chapter 5 - Chapter 5 Sarbanes-Oxley Internal Control and...

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Chapter 5: Sarbanes-Oxley, Internal Control and Cash
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Sarbanes-Oxley
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Sarbanes-Oxley Act of 2002 One of the most important and significant laws affecting publicly held companies in recent history. Attempts to restore public confidence in corporate financial reporting. Requires public companies to improve internal controls that safeguard assets.
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Objectives of Internal Control
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How Does Management Achieve Its Internal Control Objectives? Five Elements of Internal Control Control Environment Risk Assessment Control Procedures Monitoring Information and Communication
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Control Environment Overall attitude of management and employees about the importance of internal control.
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Risk Assessment Identifies risks so management can take steps to control them.
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Control Procedures
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Control Procedures Competent Personnel, Rotating Duties, and Mandatory Vacations. Separating Responsibilities for Related Operations.
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