About This Chapter
Below is a sample breakdown of the Internal Controls in Accounting chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Common problems with financial information, safeguards and internal controls||Fraudulent reporting, disagreements or errors; reasons for internal controls; why safeguards and risk management are necessary in banking|
|Tuesday||Cash control and earnings management||Monitoring the flow of cash assets; establishing a system to control cash receipt and disbursement; techniques for managing earnings and reasons for their use|
|Wednesday||Bank reconciliation and internal control systems||Comparing the cash account of a company to its bank account balance; ways in which technology might minimize errors; the effects of human error and the cost-benefit principle|
|Thursday||The Sarbanes-Oxley Act: Definition and Explanation; the role of auditors||Government regulations that safeguard against fraudulent accounting practices; the importance of having auditors to verify the accuracy of financial reports and statements|
|Friday||The Securities and Exchange Commission||A look at the organization that governs the activities of the finance, accounting and banking industries|
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. 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.
3. Safeguards & Controls of Banking Activities
Money is one of the most highly valued items a person has. Is that money safe when it is deposited in a bank? In this lesson, you'll learn how banks safeguard your money so that you can be confident with every deposit you make.
4. Control of Cash: Definition & Methods
Cash is a valuable commodity and one that is vulnerable to fraudulent activity. In this lesson, you will learn what makes up a company's cash account as well as how to control cash.
5. Control of Cash Receipts & Disbursements
Cash is something that we all work hard for and certainly don't want to lose to predators. In this lesson, we will discuss cash and how to protect both the receipt and disbursement of cash.
6. Earnings Management: Definition, Techniques & Examples
Earnings management is a hot topic in the accounting world. In this lesson, you will learn what it is, what techniques are most popular and see examples of each.
7. What is Bank Reconciliation? - Definition, Purpose, Process & Examples
Ensuring that a company's cash account is in balance is a vital part of an accounting professional's job. In this lesson, you will learn about bank reconciliation.
8. Technology's Impact on the Internal Control System
Almost every day, you hear about new advances in technology. Do you ever wonder how this new technology affects the business world? In this lesson, we are going to discuss how technology impacts internal control.
9. Limitations of Internal Control in Financial Reporting
Internal controls are a vital part of the operation of a business. In this lesson, we will discuss what internal controls are and some of the limitations of internal controls.
10. The Sarbanes-Oxley Act: Definition and Explanation
Government regulations play a major role in corporate financial reporting. In this lesson, you will learn about one of the most important regulations enacted in the last two decades - the Sarbanes-Oxley Act.
11. 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.
12. The Securities & Exchange Commission: Definition, History & Purpose
The accounting industry is regulated by several organizations. Each of these were created by the Securities and Exchange Commission. In this lesson, you will learn the definition, history, and purpose of the SEC.
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Other chapters within the Financial Accounting Syllabus Resource & Lesson Plans course
- Introduction to Accounting Lesson Plans
- Financial Statements in Accounting Lesson Plans
- Mechanics of the Accounting Cycle Lesson Plans
- Adjusting Accounts and Preparing Financial Statements Lesson Plans
- Merchandising Operations and Inventory in Accounting Lesson Plans
- Receivables in Accounting Lesson Plans
- Current and Long-Term Liabilities in Accounting Lesson Plans