Financial Accounting 8e - College of Business San Jose State 财务会计第八版-商圣若泽州立大学.docVIP

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Financial Accounting 8e - College of Business San Jose State 财务会计第八版-商圣若泽州立大学.doc

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Financial Accounting 8e - College of Business San Jose State 财务会计第八版-商圣若泽州立大学.doc

Chapter 4 Internal Control Cash Short Exercises (5 min.) S 4-1 Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in such a way that causes injury or damage to that party. The Three Components of the Fraud Triangle 1. Motive - Fraud generally results from either critical need or greed on the part of the perpetrator. Regardless of whether the driving force is need or greed most perpetrators are driven to attempt to acquire something that belongs to others. 2. Opportunity - The opportunity to commit fraud usually arises through weak internal controls. 3. Rationalization - The perpetrator(s) is (are) convinced, in their own minds, that they deserve the object of the fraudulent behavior. They may believe no one else will ever know or even that everybody else is engaging in fraudulent behavior (5-10 min.) S 4-2 COMPONENTS OF INTERNAL CONTROL 1. Control environment — Top managers must set the “tone at the top” to establish a control environment. 2. Risk assessment — Each company must evaluate its own risks, based upon its particular line of business. 3. Control procedures — Specific procedures are needed for a good system of internal control. 4. Monitoring of controls — Auditors can monitor a company’s actions and its financial statements. 5. Information system — Accurate information is essential for success in business. Student responses may vary for the descriptions. (5-10 min.) S 4-3 Separation of duties is essential for safeguarding assets. The person who has custody of an asset should not also account for the asset. A person who performs both duties can steal the asset and hide the theft by making a bogus entry in the accounting records. Student responses may vary. (5-10 min.) S 4-4 There are several major internal control procedures as discussed in the chapter besides separation of duties: 1. Smart hiring practices. The company should be careful to hire both competent and honest p