Every company, regardless of size is responsible for reporting their financial information. This course begins with a discussion or accurate and reliable financial reporting. You will learn a five-part process that will lead to more responsible financial reporting. Also, you will learn to differentiate between reliability and relevancy when it comes to financial statements. Also, this course introduces the concept of whistleblowers, those who expose what they perceive to be unlawful and unethical behavior in their companies. This course will teach you about the types of activities whistleblowers often expose and the two most common types of whistleblowers. You will also learn how the Sarbanes-Oxley Act affects whistleblowers and the types of policies your company should have in place should someone feel compelled to report something they believe to be unlawful. Finally, this course discusses the concept of internal controls. You will learn about the main objectives of internal controls and who they were created by. You will also learn about the Sarbanes-Oxley Act and its relationship to internal controls. This course begins with a discussion of accuracy and reliability in financial reporting. One segment of this course discusses whistleblowers, or individuals that choose to speak up against poor financial reporting. The course concludes by highlighting the key way any organization can safeguard themselves against inaccurate financial reporting -- the use of strong internal controls.
At the conclusion of this course, you will be able to:
- Summarize some of the many reasons accurate financial reporting is so necessary.
- Describe the four key statements used in financial reporting.
- List the two key causes of inaccurate financial statements.
- Outline the five-part process that can lead to more responsible financial reporting.
- Identify the type of information that must be truthfully reported in order for a financial statement to be considered reliable.
- Identify when a financial statement is relevant, when it is reliable, and when a trade-off must be made.
- Define "whistleblowing."
- Describe the types of activities whistleblowers may expose.
- Differentiate between internal and external whistleblowers.
- Define internal controls.
- Define the three objectives of internal controls, as outlined by the Committee of Sponsoring Organizations (COSO).
- Outline the five interrelated components of COSO's framework.
- Summarize the responsibilities of management, the board of directors, and auditors.
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