MGT120H5 Lecture Notes - Lecture 5: Internal Auditor, Bank Reconciliation, Internal Control
12
MGT120H5 Full Course Notes
Verified Note
12 documents
Document Summary
Fraud an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes damage to that party. The way fraud is prevented, detected or corrected. Promote operational efficiency (i. e. no waste involved) Control environment tone of the top (i. e. how top management. Risk assessment - identify business risk and procedures to deal. Information system system to report when transactions occur. Control procedures (i. e. separation of duties, comparisons, Monitoring of controls separating entire transaction between adequate records, proper approvals, safeguard assets) leads by example) with risks people, hire auditors, program controls on computers (i. e. passwords) Requires ceo and cfo to certify the financial statements. Canadian instituted a similar policy by the csa. Smart hiring practices and separate of duties separating: asset handling, record keeping, transaction approval documents (i. e. receipts) Adequate records all transactions should be supported with. Limited access limit access of assets to persons that have.
