380%20Sum11%20Cl%2019%20IC%20intro%20HO

380%20Sum11%20Cl%2019%20IC%20intro%20HO -...

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Internal Control Introduction Focus: Principles of Internal Control Introduction to Internal Control (Ch. 3) § Sarbanes-Oxley/COSO § Risk Assessment
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Accounting’s roles 1. Information/Coordination 2. Control - Control Activities § Protect your Assets Learning Objectives: A. Define/understand Control and its components B. Know SOX requirements C. How to do a Risk Assessment
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Accounting’s roles 1. Information/Coordination 2. Control – What is it? § Latin Contrarotulare ‘against’ + ‘the rolls’ § Fundamentally - that objectives are met § Definition: A plan of organization, policies and procedures, designed and implemented by management and the board of directors, in order to achieve four objectives: 1) safety and protection of assets, 2) reliability of financial information, 3) efficiency of operations, and 4) compliance with laws and regulations.
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Control Systems – In General Has 3 components (e.g. thermostat) 1. Objective – e.g. target temperature 1. Sensor – provides feedback information about the state of the world e.g. thermometer 1. Feedback Signal/Mechanism –signal sent/actions taken to change the state of the world to meet objectives (heater)
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This note was uploaded on 08/07/2011 for the course ACC 380 taught by Professor Harkness during the Spring '11 term at University of Michigan-Dearborn.

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380%20Sum11%20Cl%2019%20IC%20intro%20HO -...

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