TAILIEUCHUNG - Lecture Survey of accounting (3/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. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 4: Internal Controls, Accounting for Cash, and Ethics Learning Objectives Identify the key elements of a strong system of internal control. Prepare a bank reconciliation. Discuss the role of ethics in the accounting profession. Discuss the auditor’s role in financial reporting. The learning objectives in this chapter are: Identify the key elements of a strong system of internal control. Prepare a bank reconciliation. Discuss the role of ethics in the accounting profession. Discuss the auditor’s role in financial reporting. 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 The Enron and WorldCom .