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Internal Controls, Accounting for
Cash, and Ethics
Chapter 04
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
4-2
Learning Objectives
1. Identify the key elements of a strong system of internal control.
2. Prepare a bank reconciliation.
3. Discuss the role of ethics in the accounting profession.
4. Discuss the auditor’s role in financial reporting.
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An Integrated Framework
1. Control Environment – integrity and ethical values of a company
2. Risk Assessment – management identification of potential risks
3. Control Activities – internal controls
4. Information and Communication – internal and external reporting process
5. Monitoring – over time assessment and correction of internal controls
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Internal Controls
1. Separation of Duties 2. Quality of Employees 3. Bonded Employees 4. Required Absences 5. Procedures Manual
6. Authority and Responsibility 7. Prenumbered Documents 8. Physical Control
9. Performance Evaluations
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Limitations
Internal controls can be circumvented by collusion among employees. Two or more employees working together can hide embezzlement by covering for each other. No system can prevent all fraud. Good internal controls minimize fraud and increase likelihood of detection.
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