Acc 340 Sarbanes-Oxley Act Article Analysis Essay

2 Individual Case Assignment Strong internal controls policy and procedures are a necessary component of any long-term successful business. The following cases involve various scenarios that are in need of internal controls in order for the mitigation of potential fraud and risks. The following analysis explains the best-fit control for each scenario. Case 13-18 Weaknesses Improvements Separation of Duties Cashier employee should input the visitor information including payment type with last 4 of credit card, check number, or amount of cash. Cashier then drops money and signs off that amount given to accountant matches what was collected. Accountant then confirms computer generated total matches the cash, and deposits cash and then records in journal. Management then reconciles with 3-way match to verify that receipts match general ledger and bank accounts. Auditors verify process and confirm that visitors match with incoming cash. Receipts Sequenced receipts with carbon duplicates duplicate for adequate record keeping. Physical Controls Cash should be deposited into drop box in which the accountant has the key. Employees Employ personnel with backgrounds checks and then insure and bond them. Training on the best controls would help as well. Cash holds the most liquidity of all a company’s assets; thus organizations need to have well-designed and functioning systems of internal controls where cash transactions are concerned. Lobs, Love & Lessons Tennis Club should also practice hiring employees that have

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...still act unethical and although their crimes do not cause physical harm is does destroy people and companies in a much worse way and that is financially. Some situations I can tell from the article where people act unethical are “An accountant may embezzle funds from his or her employer for financial gain. Or perhaps the CFO of a publicly traded corporation may prepare financial statements to appear as though the company is performing much better than it actually is, because he or she wants their stock portfolio to increase.” (“Unethical Behavior In The Workplace,” 2008, para. ). Another one it shows an example is “failure for an accountant to conduct an in-depth analysis when preparing and revising financial information. There are many individuals who prefer to take short-cuts in life; and frankly, this simply is not acceptable when expected to perform in a professional manor.” (“Unethical Behavior In The Workplace,” 2008, para. ). To combat this are laws put into effect to deter people from these behaviors. The biggest one is the Sarbanes-Oxley Act of 2002 which “requires that publicly traded companies disclose their code of ethics for senior financial officers. The Act was designed to promote honest and ethical conduct; full and accurate disclosure in periodic reports; and compliance with applicable government rules and regulations.” (“Unethical Behavior In The Workplace,” 2008, para. ) With all these scrutinies on this issue it still is an issue at large for the simple......

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