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. Event analysis, introduced in Chapter 2, helps to identify risks. Activity diagrams,introduced in Chapter 3, are employed to document and evaluate workflow controls. Wewill continue to discuss internal control issues throughout the text.
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
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