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LinkedIn Learning

Accounting Foundations: Internal Controls

via LinkedIn Learning

Overview

Syllabus

Introduction
  • Increasing financial statement integrity
1. The Types of Problems that Can Occur in Financial Statements
  • Classic cases: WorldCom
  • Errors in the reporting process
  • Disagreements in judgment
  • Fraud: Theft and fraudulent financial reporting
2. Safeguards to Minimize Financial Reporting Problems
  • The fraud triangle
  • The control environment
  • Segregation of duties and physical control
  • Proper procedures and documents plus independent checks
3. The Motivations Behind Earnings Management
  • Classic cases: Enron
  • Why do companies manage earnings?
  • The earnings management continuum
  • Is earnings management ethical?
4. Sarbanes Oxley
  • Accounting credibility crisis in 2002
  • Public Company Accounting Oversight Board (PCAOB)
  • Constraints on auditors
  • Constraints on management
5. The Role of Auditors, Both Internal and External
  • Classic cases: Arthur Andersen
  • Internal auditors
  • External auditors
  • What do auditors do?
  • Are external auditors really independent?
6. The Role of the Securities and Exchange Commission (SEC)
  • Classic cases: Stock market crash of 1929
  • What is the job of the SEC?
  • Common SEC filings: Registration statement, 10-K, and 10-Q
  • Common SEC punishments
Conclusion
  • Internal controls and management credibility

Taught by

Jim Stice and Kay Stice

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