About This Chapter
Controls in Financial Accounting - Chapter Summary
Use the videos in this chapter to provide your employees with an in-depth look at controls in financial accounting. The lessons are designed to help employees understand the following:
- Common problems with financial information
- The definition and types of internal controls in accounting
- How auditors impact the accounting process
After watching the video lessons, employees can take self-assessment quizzes and a chapter exam to test their understanding of controls in financial accounting. Full video transcripts are available with each lesson. If you have any questions about the chapter, you can submit them to instructors who are ready to assist.
How It Helps
- Creates awareness: The lessons can help your employees understand expectations of the financial sector and issues that could arise in their finance-related positions that they may have never considered.
- Strengthens work performance: As employees become aware of controls in financial accounting, they can apply this knowledge to their positions and perform better on the job.
- Prevents financial issues: This chapter provides insight into goals, rules and regulations of financial accounting that can give your employees the knowledge they need to help your company avoid financial issues.
Completing this chapter will ensure your employees are able to:
- Outline common issues that prevent professionals from providing accurate and reliable financial information
- Discuss internal controls and why they are important in accounting
- Explain the role of the auditor in the accounting industry
- Describe the steps in the auditing process
1. Typical Problems with Financial Information
The ultimate goal of an accounting professional is to provide accurate and reliable financial information to interested parties. In this lesson, we are going to discuss typical problems with financial information.
2. Practical Application: Identifying Problems with Financial Information
Business records and reports are always important, but financial documents are unquestionably among the most important. Because financials are often quite complex, the consistency and accuracy of financial information is paramount.
3. Internal Controls in Accounting: Definition, Types & Examples
Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.
4. The Role of Auditors in the Accounting Process
Auditors play a pivotal role in the accounting industry. In this lesson, you will learn what an auditor is, what they do, and the steps in the auditing process.
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