Accounting Foundations: Internal Controls

- 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.