Transcription of LEARNING OBJECTIVES
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LEARNING OBJECTIVES
103 IDENTIFYINGRISKS ANDCONTROLS INBUSINESSPROCESSES4 LEARNINGOBJECTIVESA fter completing this chapter, you should understand:U1. internal control framework: OBJECTIVES and Execution, information systems, asset protection, andperformance Execution and information system risks associated with events in the acquisition and Record and update risks in a general ledger Workflow controls used to reduce completing this chapter, you should be able to:P1. Identify execution risks in acquisition and Identify risks associated with recording and Use narratives and activity diagrams to identify exist-ing controls and opportunities for additional 4 builds on the foundations in Chapter 2 and 3 to discuss risks and internal con-trols.
104 Part I Accounting Information Systems: Concepts and Tools The responsibility of managers for internal control has been made explicit in the Sarbanes-Oxley Act of 2002 and Standard No. 2 of the Public Company Accounting Oversight Board(PCAOB).1 Standard No. 2 requires management to prepare a statement describing and assessing the company’s internal control …
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