RSM423H1 Chapter Notes - Chapter 14: Icq, Safe Deposit Box, Interest Expense

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2 Nov 2017
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Understanding important aspects of corporate structure requires the input of the most experienced audit team members. Disclosure requirements for related accounts are extensive and often complicated. Recent events and frauds have highlighted the risks involved in reporting for the finance and investment process. Interacting with the acquisition and expenditure, production and payroll, and revenue and collection cycles. Transaction in debt and shareholder equity capital are typically few in number, but large in monetary amount. These transactions are typically handled by the highest levels of management. Financial planning starts with a cash flow forecast and capital budget. Sales of shares and debt financing transactions are authorized by the board of directors. Many financing transactions are off the balance sheet. In large companies, custody of the share certificate books is given to a bank or trust company as registrar or transfer agent. Lenders have custody of debt instruments such as bonds or loans payable.

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