ACCT-3220 Lecture Notes - Lecture 7: American Accounting Association, Audit Trail, Internal Control
Document Summary
Romney ch 7: control & accounting information systems: threat/event potential adverse occurrence or unwanted event that could injure the ais or the, exposure/impact potential dollar loss if a threat becomes a reality, likelihood probability that a threat will come to pass. Internal controls processes & procedures implemented to provide reasonable assurance that. Sarbanes-oxley act (sox) 2002: applies to publicly held co"s & their auditors. Intended to prevent fin statement fraud, make fin reports more transparent, provide protection to investors, strengthen internal controls at public cos & punish executives who perpetrate fraud. Is the most important bus legislation in last 80 years. Cobit framework (pg 193: more info in ch 8 notes b/c that"s where it is. Coso (committee of sponsoring organizations: a private sector group consisting of the american accounting association, the aicpa, the institute of internal auditors, the institute of mgt accountants & financial executives institute. & commit smoothly processed correctly & that needed output is produced.
