Ch7 slides - 7-1Dishonest act by an employee that results...

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Unformatted text preview: 7-1Dishonest act by an employee that results in personal benefit to the employee at a cost to the employer.Fraud and Internal ControlFraud and Internal ControlFraud and Internal ControlFraud and Internal ControlFraudThree factorsthat contribute to fraudulent activity.Illustration 7-17-2All publicly tradedU.S. corporations are required to maintain an adequate system of internal control.Corporate executives and boards of directorsmust ensure that these controls are reliable and effective. Independent outside auditorsmust attest to the adequacy of the internal control system.SOX created the Public Company Accounting Oversight Board (PCAOB).The Sarbanes-Oxley ActFraud and Internal ControlFraud and Internal ControlFraud and Internal ControlFraud and Internal Control7-3Methods and measures adopted to:1.Safeguard assets2.Enhance accuracy and reliability of accounting records3.Increase efficiency of operations4.Ensure compliance with laws and regulationsFraud and Internal ControlFraud and Internal Control...
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This note was uploaded on 11/08/2011 for the course ACC 101 taught by Professor Scottcazzad during the Spring '11 term at Jefferson College.

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Ch7 slides - 7-1Dishonest act by an employee that results...

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