Released
2/24/2020Note: This course does not satisfy compliance training requirements for SOX.
- Identify the three components of the fraud triangle.
- Summarize the Sarbanes-Oxley Act of 2002.
- Describe the structure and responsibilities of an audit committee.
- Explain the responsibilities of an auditor.
- Discover a typical accounting error.
- Distinguish the four aspects of earnings management.
Skill Level Intermediate
Duration
Views
- You've heard of Enron. - The Enron fraud cost investors $80 billion. - And sunk Enron's auditor, Arthur Anderson. A partnership that had been a leader in the audit industry since 1913. - And how about Worldcom? The Worldcom financial statement fraud helped push the US Congress to pass the Sarbanes-Oxley Act, and it put the Worldcom CEO in prison until he's 86 years old. - [Kay Stice] Sarbanes-Oxley mandates that US public companies have internal controls in place to prevent financial statement frauds. - [Jim Stice] In this course we will teach you about internal controls. - [Kay Stice] We will show you how internal controls are the crucial third leg in the fraud triangle. - Hi, I'm Jim Stice. I'm a professor of accounting at Brigham Young University. This is my brother, Kay. - I'm also professor of accounting at Brigham Young University. - Come. Join us on LinkedIn Learning, and we'll show you the importance of internal controls.
Related Courses
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Accounting Foundations: Bookkeeping
with Jim Stice1h 39m Beginner -
Accounting Foundations: Budgeting
with Jim Stice1h 37m Beginner -
Accounting Foundations: Leases
with Jim Stice1h 43m Intermediate
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Introduction
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1. The Types of Problems that Can Occur in Financial Statements
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Classic cases: WorldCom4m 28s
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Disagreements in judgment4m 38s
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2. Safeguards to Minimize Financial Reporting Problems
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The fraud triangle3m 49s
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The control environment3m 31s
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3. The Motivations Behind Earnings Management
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Classic cases: Enron4m 57s
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4. Sarbanes Oxley
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Constraints on auditors4m 34s
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Constraints on management4m 28s
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5. The Role of Auditors, Both Internal and External
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Internal auditors4m 22s
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External auditors4m 42s
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What do auditors do?4m 3s
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6. The Role of the Securities and Exchange Commission (SEC)
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Common SEC punishments2m 58s
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Conclusion
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Video: Increasing financial statement integrity