Accounting For Non-accounting Majors

Accounting for Non Accounting MajorsInternal Controls Internal ControlsInternal controls have two tendencys . wholeness is to protect the company s assets from theft and fraud . The other goal is to reduce or eliminate errors and irregularities in accounting records and financial statements . An important knowledgeable control is segregation of duties This secures that one employees institute should provide a reliable basis or mannikin with which to evaluate other employees work . For example ing supplies , and paying the utmost bill should have enough steps and processes to ensure that en employee is not ing personal supplies with company accounts . Errors atomic number 18 the result of unknowledgeable mistakes in the recordkeeping process . Irregularities are the result of intentional and willful manipulation of accounting records and misrepresentations of the company s financial position .

Irregularities think to cover up for theft , fraud , and misstatements of the company s authoritative financial positionInternal Control and Financial Reporting The marches internal control over financial reporting is the predominant term used by companies and auditors and best encompasses the objectives of the Sarbanes-Oxley Act (Securities and Exchange commissioning , 2008 ) This specific type of internal control is intended ensure that financial statements are prepared and audited in accordance with generally accepted accounting principles , and are free from both error and irregularity . These controls are intended to curb financial statement fraud including overstating allowance , profits , and assets , and understating debts and obligations in to appear profitable , manipulate store prices , and fraudently obtain financingPenalties Under Sarbanes OxleyBy law , the Sarbanes-Oxley...If you want to get a full essay, order it on our website: Ordercustompaper.com

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