Financial Accounting - Chapter 5
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8 Terms
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Fraud
an attempt to deceive others
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Types of Fraud:
corruption, asset misappropriation, financial statement fraud
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corruption
missing ones position for inappropriate personal gain
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financial statement fraud
type of fraud that involves misreporting amounts in the financial statements
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Sarbanes - Oxley Act (SOX)
passed by the U.S congress in 2002 in an attempt to restore investor confidence after massive frauds.
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5 control principles of internal control
establish responsibility, segregate duties, restrict, document procedures, indepentdly verify
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Note 
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