Accounting and Ethics - Accounting and Ethics 1 Accounting...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Accounting and Ethics 1 Accounting and Ethics Raul Torres ACCT/280 1/23/11 Tonya Brewer
Background image of page 1

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

View Full DocumentRight Arrow Icon
Accounting and Ethics 2 Accounting and Ethics There are always dishonest employees regardless of where we might work. Big firms are not the only companies who have problems with theft or some type of fraud going on. According to our chapter readings “a church treasurer borrowed the sum of $150,000 of the church’s funds to finance a friend’s business dealings” (Internal control, ch.8 pg. 340). I believe that where there is money involved there is always going to be temptation for theft and fraud. I do not believe everyone is like that but unfortunately we might work amongst such people. Keeping track of each individual person is hard to do but when they each have their own tasks to complete it makes it harder for them to lye or cheat the company. Internal controls are there as a form of management. Internal controls are there to safeguard a company’s assets from things such as employee theft, robbery, and unauthorized use (ch.8 pg. 340). Secondly it enhances the accuracy and reliability of its accounting records. Internal controls are in place so that the people who work within the company can be as honest as possible. The internal controls are also there so that the company can see its efficiency, it reduces risks of asset loss, and helps ensure the reliability of financial statements and compliance with the laws and regulations (Ratcliffe, Landes CPA pg.2). In accounting it is easy to make mistakes (errors) whether intentional or unintentional, this is why we should always refer to the internal control and its methods and measures. Since it is obvious that not all businesses or the members of the business world always
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

Accounting and Ethics - Accounting and Ethics 1 Accounting...

This preview shows document pages 1 - 3. Sign up to view the full document.

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