TAILIEUCHUNG - Lecture Accounting (6th edition): Chapter 7 - Kimmel, Weygandt, Kieso

Chapter 7 - Fraud, internal control, and cash. The main goals of this chapter are to: Define fraud and the principles of internal control, apply internal control principles to cash, identify the control features of a bank account, explain the reporting of cash and the basic principles of cash management. | Fraud, Internal Control, and Cash Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 7 Apply internal control principles to cash. CHAPTER OUTLINE Define fraud and the principles of internal control. 1 2 LEARNING OBJECTIVES Identify the control features of a bank account. 3 Explain the reporting of cash and the basic principles of cash management. 4 Dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. Three factors that contribute to fraudulent activity. ILLUSTRATION 7-1 Fraud triangle FRAUD LEARNING OBJECTIVE Define fraud and the principles of internal control. 1 LO 1 Applies to publicly traded . corporations. Required to maintain a system of internal control. Corporate executives and boards of directors must ensure that these controls are reliable and effective. Independent outside auditors must attest to the adequacy of the internal control system. SOX created the Public Company Accounting Oversight Board (PCAOB). THE SARBANES-OXLEY ACT LO 1 Methods and measures adopted to: Safeguard assets. Enhance accuracy and reliability of accounting records. Increase efficiency of operations. Ensure compliance with laws and regulations. INTERNAL CONTROL LO 1 Review Question Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to: safeguard its assets. prevent fraud. produce correct financial statements. deter employee dishonesty. LO 1 INTERNAL CONTROL Five Primary Components: Control environment. Risk assessment. Control activities. Information and communication. Monitoring. INTERNAL CONTROL LO 1 PEOPLE, PLANET, AND PROFIT INSIGHT And the Controls Are Internal controls are important for an effective financial reporting system. The same is true for sustainability reporting. An effective system of internal controls for sustainability reporting will help in the following ways: (1) prevent the unauthorized use of data; (2) provide reasonable assurance that the .

• Kế toán - Kiểm toán
• Lecture Accounting
• Financial statements
• Business organization
• Accounting information
• Internal control
• Control environment
• Financial accounting
• Lecture Financial accounting
• Management accounting
• Accounting standards
• Accounting equation
• Intermediate accounting
• Lecture Intermediate accounting
• Accounting process
• Accounting processing cycle
• Managerial accounting
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Merchandising operations
• Lecture Accounting 1
• Accounting for main transactions
• Accounting for purchases
• Accounting for sales
• Accounting for expenses
• Principle of accounting
• Lecture Principle of accounting
• The basic accounting equation
• Transaction analysis in accounting equation
• Calculate the accounting equation
• Lecture Advanced financial accounting
• Bài giảng Kế toán tài chính nâng cao
• Advanced financial accounting
• Accounting policies
• Accounting estimate
• Retrospective application
• Changes in accounting estimates
• Retrospective restatements
• Accounting assumptions
• Lecture Management accounting
• Bài giảng Kế toán quản trị
• Nature of management accounting
• Component of accounting system
• Financial system
• Lecture Accounting and financial system
• Ledger accounting
• Trial balance
• Completing the accounting cycle
• Accounting cycle
• Accounting worksheet
• Classified balance sheet
• Accounting changes
• Error corrections
• Accounting choices
• Accounting for business
• Lecture Accounting for business
• Accounting entity
• Classification of assets
• Accounting equation transactions