BUSACC 0030 Lecture Notes - Lecture 5: Early Access, Chief Financial Officer, Financial Statement
Document Summary
Material covered: chapter 5: communicating and interpreting accounting information. Announcements: tests have been scored and grades posted. Procedure to ensure that the company is managed in the interest of the shareholders: sarbanes-oxley act b. i. A law which strengthens financial reporting and corporate governance for public companies: the fraud triangle c. i. ***professor gave some examples of top level executives that committed fraud*** Players in the accounting communication process: regulators a. i. Sec and stock exchanges (corporate governance standards) a. i. 1. Protects investors and maintain the integrity of the securities market a. ii. Sets auditing standards for independent auditors (cpas) of public companies: management b. i. Managers are responsible for the information in the financial statements and disclosures b. i. 1. Chief executive officer (ceo) highest officer of the company b. i. 2. Chief financial officer (cfo) highest officer associated with the financial and accounting side of the business: auditors c. i. Independent auditors follow established auditing standards to assess the fairness of the financial statements and related presentations c. ii.
