Chapter04 - Internal InternalControl Objectives...

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ternal Control bjectives feguard assets Internal Control Objectives Safeguard assets Encourage employees to follow company olicy policy Promote operational efficiency Ensure accurate, reliable accounting records Comply with legal requirements 4 1
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rbanes xley Act (SOX) ccounting scandals shook the public’s Sarbanes Oxley Act (SOX) Accounting scandals shook the public s confidence in the accounting profession nron and WorldCom overstated profits Enron and WorldCom overstated profits Auditors Arthur Anderson went out of business C d SOX In response, Congress passed SOX Established new provisions for how large ti dit d corporations are audited 4 2
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Internal Control Procedures ompetent reliable and ethical employees Competent, reliable and ethical employees Staff should be trained and fairly rewarded for its ork work Assignment of Responsibilities b descriptions should be clear Job descriptions should be clear
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Chapter04 - Internal InternalControl Objectives...

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