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Cash and Internal Controls
Chapter 8
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
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C1 Internal Control System
Policies and procedures managers use to:
– Protect
– Ensure
assets.
reliable accounting.
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C1 Sarbanes-Oxley Act (SOX)
The Sarbanes-Oxley Act requires managers and auditors of public companies to document and certify the system of internal
controls.
Sen. Paul Sarbanes (D-MD)
Rep. Mike Oxley (R-OH)
Section 404 of SOX requires that managers document and assess the effectiveness of all internal control processes that
can impact financial reporting.
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C1 Principles of Internal Control
Internal control principles common to all companies:
1. Establish responsibilities. 2. Maintain adequate records.
3. Insure assets and bond key employees.
4. Separate recordkeeping from custody of assets. 5. Divide responsibility for related transactions.
6. Apply technological controls.
7. Perform regular and independent reviews.
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C1 Technology and Internal Control
Reduced Processing Errors
Limited Evidence of Processing
More Extensive Testing
of Records
Crucial Separation of Duties
Increased E-Commerce
...
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