BUSN 1101 Chapter Notes - Chapter 5: Certified Public Accountant, Financial Accounting Standards Board, Chief Financial Officer
24 Nov 2016
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Forensic accounting field: association of certified fraud examiners (acfe) Increased vigilance against various kinds of financial scams. Strong desire on part of companies to protect from accounting fraud: begin with interviewing executives. Comb through emails, searching for sus. words and phrases: most common practice hiding revenues and expenses under phony categories. Most common fraud asset theft (stealing cash, falsifying business expenses, forging checks, stealing noncash assets: least common financial statement manipulation (costliest by far) Organizations number-one safeguard: employee education in recognizing, reporting, and preventing fraud. Accounting: comprehensive system for collecting, analyzing, and communicating financial information. Accounting information system (ais): organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statement and management reports. Users of accounting information: business managers. Set budges, evaluate future: employees and unions. Plan to receive benefits such as health care, vacation time, retirement. Estimate returns to stockholders, decide whether a firm is a good credit risk: tax authorities.
