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Chapter 5 - 3 Control activities – segregation duties...

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Chapter 5 P.181 types of errors (multiply test questions) Errors in transactions and journal entries - Amount recorded can be wrong - Accounts were incorrect - Did not receive an invoice - Disagreements in judgment , accounts make judgments and estimate - Fraudulent (intentional errors) Inaccurate financial reports ca result from 1. Unintentional errors 2. Disagreements in judgement 3. Fraud p.184 Safeguards - Internal controls 1. control environment – actions, policies, and procedure 2. Risk assessment ex. Cash, inventory, and equipment
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Unformatted text preview: 3. Control activities – segregation duties, separate duties 4. Information and communication 5. Monitoring Control activities – segregation of duties, proper procedure for authorization, physical control over assets and records, independent checks on performace. p.193 ** test questions The Sarbanes-Oxley Act PCAOB (public company accounting oversight board) – federal agency It constrains on auditors and management...
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