Business Administration 2257 Lecture Notes - Lecture 7: Cash Cash, Remittance, Cash Register

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Ian Dunn

Document Summary

And intenional act to misappropriate (steal) assets or misstate inancial statements. Sarbanes-oxley act (sox) required public companies to maintain adequate systems of internal controls and to have senior company oicers sign ceriicaions to that efect. Canada business corporaions act has always required companies to maintain an adequate system of internal control. Internal control consists of all the related methods and measures adopted within a company to help it achieve reliable inancial reporing, efecive and eicient operaions, and a compliance with relevant laws and regulaions. Signiicant deiciencies need to be reported to management and the board of directors. Authorizaion of transacions and aciviies: most efecive when only one person is authorized to perform a speciic task (e. g. easier to assign responsibility to a short cash register if only one person has used that cash register) Independent checks of performance: internal review for an internal review to be beneicial, three measures are recommended.