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ACCT Chapter 6

Cash, Fraud and Internal Control

QuestionAnswer
Purpose of Internal Control - Helps managers to prevent avoidable losses, plant operations and monitor company and employee performance - Helps managers to monitor and control business activities
- Purpose of an internal control system: - Internal control system consists all policies and procedures managers use to: - Protect assets. - Ensure reliable accounting. - Promote efficient operations. - Uphold company policies.
What does Sarbanes-Oxley Act (SOX) requires manager and auditors of public companies to document and certify that company’s system of internal controls.
What requirements are SOX? - The company must have effective internal controls - Auditors must evaluate internal controls - Violators receive harsh penalties (up to 25 years in prison with fines) - Auditor's work is overseen by PCAOB
What is difference between Internal Control and Internal Control Principles? - Internal Control varies from company to company - Internal Control Principles apply to all companies
The fundamental Principles of Internal Control: - Establish responsibilities - Maintain adequate records - Insure assets and bond key employees - Separate recordkeeping from custody of assets - Divide responsibility for related transactions - Apply technological controls - Perform regular and ind
At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of cash sales for the day. However, when the clerk and the supervisor count the cash in the register, the count reveals that $1,050 was actually collected fr
Created by: Oanhvu1412
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