Accounting Foundations: Internal Controls
Accounting Foundations: Internal Controls is an Intermediate level study on Business, crafted by the author, Kay Stice. This study is a critical base for an individual who needs to sharpen his/her Business skills. It provides you a strong understanding on Business, Accounting, Business and Accounting.
Knowingly—or unknowingly—reporting fraudulent information in your financial statements can lead to catastrophic consequences for your business. To prevent fraud, you need a series of internal controls, including a top-down control environment, physical controls, and ongoing monitoring. This course teaches you how to use these internal controls to increase the integrity of your financial statements. Professors Jim and Kay Stice take a look at the types of financial reporting problems that can occur and safeguards to minimize them. They also discuss the impact of Sarbanes-Oxley (SOX), and the compliance requirements for U.S. businesses that fall under the act. Plus, find out how the Securities and Exchange Commission enforces accurate financial reporting in the securities market and beyond.
Note: This course does not satisfy compliance training requirements for SOX.
- Common problems in financial statements
- Segregating duties and physical controls
- Conducting independent checks
- Earnings management
- Sarbanes-Oxley requirements
- Internal vs. external auditing
- How the SEC regulates financial documentation