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ch08 - Chapter 8-1 Chapter Chapter 8 8 Chapter Chapter 8 8...

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Unformatted text preview: Chapter 8-1 Chapter Chapter 8 8 Chapter Chapter 8 8 Internal Control and Cash Chapter 8-2 1. Define internal control. 2. Identify the principles of internal control. 3. Explain the applications of internal control principles to cash receipts. 4. Explain the applications of internal control principles to cash disbursements. 5. Describe the operation of a petty cash fund. 6. Indicate the control features of a bank account. 7. Prepare a bank reconciliation. 8. Explain the reporting of cash. Study Objectives Study Objectives Study Objectives Study Objectives Chapter 8-3 Internal Internal Control Control Internal Internal Control Control The Sarbanes- The Sarbanes- Oxley Act Oxley Act Principles Principles Limitations Limitations Cash Cash Controls Controls Cash Cash Controls Controls Use of a Bank Use of a Bank Use of a Bank Use of a Bank Reporting Reporting Cash Cash Reporting Reporting Cash Cash Cash Cash equivalents equivalents Restricted Restricted cash cash Compensating Compensating balances balances Making Making deposits deposits Writing checks Writing checks Bank Bank statements statements Reconciling the Reconciling the bank account bank account Internal Control and Cash Internal Control and Cash Internal Control and Cash Internal Control and Cash Control over Control over cash receipts cash receipts Control over Control over cash cash disbursements disbursements Chapter 8-4 Methods and measures adopted to: 1. Safeguard assets. 2. Enhance accuracy and reliability of accounting records. Reduce risk of: a. Errors (unintentional) b. Irregularities (intentional) Internal Control Internal Control Internal Control Internal Control SO 1 Define internal control. SO 1 Define internal control. Unde r the S a rb a ne s -O xle y Ac t, a ll pub lic ly tra de d U.S . c o rpo ra tio ns a re required to m a inta in a n a de q ua te s ys te m o f inte rna l c o ntro l. Chapter 8-5 Companies must develop principles of control over financial reporting. continually verify that controls are working. Internal Control Internal Control Internal Control Internal Control SO 1 Define internal control. SO 1 Define internal control. The Sarbanes-Oxley Act The Sarbanes-Oxley Act Independent auditors must attest to the level of internal control. SOX created the Public Company Accounting Oversight Board (PCAOB) . Chapter 8-6 Measures vary with size and nature of the business. management’s control philosophy. Internal Control Internal Control Internal Control Internal Control SO 2 Identify the principles of internal control. SO 2 Identify the principles of internal control....
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