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Essay / Research Paper Abstract
This 5-page paper discusses overall concepts of financial internal controls and the impact of Sarbanes-Oxley on those controls. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTintcon.rtf
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Unformatted sample text from the term paper:
to do is to define what the concept of internal controls means. A strict definition of internal controls are "the measures an organization
establishes to encourage adherence to company policies and procedures, support operational efficiency and effectiveness, safeguard assets, and ensure the reliability of accounting data" (Openpages.com, 2003).
Furthermore, internal controls include internal administrative controls and internal accounting controls -- which can include (but arent limited to) policies, rules and regulations that are designed to prevent
or point out fraud and error in financial statements (Openpages.com, 2003). In the past, before the passage of the Sarbanes-Oxley Act of 2002,
most CPAs, when it comes to auditing public companies, perform a mix of tests when it comes to controls (and procedures) to reduce risk of material misstatement when it comes
to recording and reporting financial statements (McConnell and Banks, 2003). Yet, as was proven with the Enron and WorldCom scandals, relying on CPA opinions alone wasnt necessarily going to tell
the entire truth. Hence, an oversight board was put in place, ostensibly to assist auditors in following internal controls. Finally, it needs to
be realized that internal controls, in and of themselves, are not a goal, but rather, are there to help ensure that an organizations mission is effectively accomplished, and that methods
used by an organization to accomplish the goals are known as "internal controls" (Benoit, 2002). Identify effective internal control techniques Overall, internal techniques
include (but arent limited to) documented procedures, segregation of duties, supervision, security of property and records, internal audits and competent personnel (Benoit, 2002). Now, going back to Enron and WorldCom
...