TAILIEUCHUNG - Lecture Survey of accounting (4/e) - Chapter 4: Internal controls, accounting for cash, and ethics

After you have mastered the material in this chapter, you will be able to: Identify the key elements of a strong system of internal control; prepare a bank reconciliation; discuss the role of ethics in the accounting profession; describe the auditor's role in financial reporting. | Chapter Four Internal Controls, Accounting for Cash, and Ethics © 2015 McGraw-Hill Education. 1 An Integrated Framework Control Environment – integrity and ethical values of a company Risk Assessment – management identification of potential risks Control Activities – internal controls Information and Communication – internal and external reporting process Monitoring – over time assessment and correction of internal controls 4-2 2 Internal Controls Separation of Duties Quality of Employees Bonded Employees Required Absences Procedures Manual Authority and Responsibility Prenumbered Documents Physical Control Performance Evaluations 4-3 3 Separation of Duties When duties are separated, the work of one employee can act as a check on the work of another employee. The likelihood of fraud or theft is greatly reduced. 4-4 4 Quality of Employees The ability of cross-trained employees to substitute for one another prevents disruptions in the workplace. Job rotation may help relieve boredom and

• Kế toán - Kiểm toán
• Survey of accounting
• Lecture Survey of accounting
• Internal controls
• Accounting for cash
• Internal controls
• Risk assessment
• Accounting cycle
• Financial resources
• Accounting provides information
• Accounting profession
• Accounting for receivables
• Inventory cost flow
• Accounting for liabilities
• Bonds issued
• Managerial accounting
• Product costing
• Financial statements
• Ledger accounts
• Merchandising businesses
• Transportation costs
• Long term operational assets
• Depreciation method