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Accounting Exam 2

Chapters 4-7

QuestionAnswer
The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resource occupational fraud
What does the Sarbanes-Oxley Act apply to? It applies to companies that are required to file with the SEC
A company’s plans to safeguard company assets and enhance the reliability and accuracy of accounting information internal controls
What allows greater resilience by investors on reported financial statements? strong internal control systems
Who provides the framework for designing an internal control system? Committee of Sponsoring Organizations (COSO) of the Treadway Commission
When a person intentionally deceives another person or company for personal gain fraud
5 Components of internal controls 1. Risk Assessment 2. Control Environment 3. Monitoring 4. Control Activities 5. Accounting Standards
The Public Company Accounting Reform and Investor Protection Act of 2002 Sarbanes-Oxley Act
Two types of control procedures Preventive and Detective
What is the plans of Internal Control? Safeguard company assets and provide accurate and reliable accounting information
Created by: cameroncamp8ell
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