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

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 5: Sarbanes-Oxley, Internal Control and Cash
Background image of page 1

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

View Full DocumentRight Arrow Icon
Sarbanes-Oxley
Background image of page 2
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.
Background image of page 3

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

View Full DocumentRight Arrow Icon
Objectives of Internal Control
Background image of page 4
How Does Management Achieve Its Internal Control Objectives? Five Elements of Internal Control Control Environment Risk Assessment Control Procedures Monitoring Information and Communication
Background image of page 5

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

View Full DocumentRight Arrow Icon
Background image of page 6
Control Environment Overall attitude of management and employees about the importance of internal control.
Background image of page 7

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

View Full DocumentRight Arrow Icon
Risk Assessment Identifies risks so management can take steps to control them.
Background image of page 8
Control Procedures
Background image of page 9

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

View Full DocumentRight Arrow Icon
Competent Personnel, Rotating Duties, and Mandatory Vacations. Separating Responsibilities for Related Operations. Separating Operations, Custody of
Background image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/24/2011 for the course ACCT 7080 taught by Professor Housain during the Spring '11 term at U. Memphis.

Page1 / 22

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

This preview shows document pages 1 - 11. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online