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Ch7 slides - Fraud and Internal Control Fraud and Internal...

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7-1 Dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. Fraud and Internal Control Fraud and Internal Control Fraud and Internal Control Fraud and Internal Control Fraud Three factors that contribute to fraudulent activity. Illustration 7-1
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7-2 All publicly traded U.S. corporations are required to maintain an adequate system of internal control . Corporate executives and boards of directors must ensure that these controls are reliable and effective. Independent outside auditors must attest to the adequacy of the internal control system. SOX created the Public Company Accounting Oversight Board (PCAOB) . The Sarbanes-Oxley Act Fraud and Internal Control Fraud and Internal Control Fraud and Internal Control Fraud and Internal Control
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7-3 Methods and measures adopted to: 1. Safeguard assets 2. Enhance accuracy and reliability of accounting records 3. Increase efficiency of operations 4. Ensure compliance with laws and regulations
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