Summary
Chapter 4: Cash and Internal Control Summary
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Chapter 4: Cash and Internal Control Summary
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Chapter 4-Cash and Internal ControlFraud-Reason for Internal Control
Frand: intentional act committed assets to
misappropriate
to or
misstate financial statements.
->
cause millions of $ lost in revenue for businesses.
In Us," SOX"a fraud to
prevention action, requires public companies
maintain
proper
and
adequate internal control system.
-
Executive responsible for Sinancial
reporting.
Government
regulations against fraud
·
has
Frand Triangle
lack of
I
promotion
·
pay increase
in
position or
~
circumstance
to commit fraud
personel or I
financial issues
, Purpose of Internal Control
Top Management in business
delegates authority &
responsibility
a
to other &
managers employees _
To business activities recorded the
melee sure are
properly
in
accounting
system management impairments procedures
, that are called internet
CICS)
control
system .
ICS Thet the
assure
company
's
objective being met in
are :
areas
effectiveness
(Honest)
(Productive) ① +
efficiency of operations
②
Reliability of internet & external
reporting
C.Moral Lawful) ③ Follow laws & internet
regulations policies
+
, .
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