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Lecture Fundamentals of financial accounting (3e): Chapter 5 - Phillips, Libby, Libby

Chapter 5 - Financial reporting and analysis. In the previous chapters, you learned about the accounting system that produces the basic financial statements. This chapter describes the environment in which financial statements are used, and introduces common ratio analyses. | Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Fundamentals of Financial Accounting 3e by Phillips, Libby, and Libby. Chapter 5 Financial Reporting and Analysis PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Fred Phillips, Ph.D., CA Chapter 5: Financial Reporting and Analysis Accounting Fraud Opportunity (How?) Incentive (Why?) Character (Who?) The Fraud Triangle 5- Three things have to exist for accounting fraud to occur. First, there must be an incentive for someone to commit the fraud. Second, an opportunity must exist to commit the fraud. Third, the person committing the fraud must possess personal characteristics that allow the fraud to be rationalized and concealed. Fraud investigators refer to these three elements as the “fraud triangle.” The Sarbanes-Oxley (SOX) Act SOX Counteract Incentives Reduce Opportunities Encourage Good Character 5- The Sarbanes-Oxley (SOX) Act is one of the most significant changes to financial reporting in the United States since the Securities Exchange Acts were introduced in the 1930s. All companies that trade on the U.S. stock exchanges must comply with the new requirements of SOX, and its impact has been felt by nearly everyone in the business world. SOX was created in response to the many financial frauds and scandals occurring in the late 1990s and early 2000s. Some of the key changes include enforcing counteract incentives for committing fraud such as stiffer fines and prison terms, reducing opportunities for fraud by requiring internal control reports, stronger director oversight, and internal control audits by external auditors, and encouraging good character employees through anonymous tip lines, whistle-blower protection, and codes of ethics. Financial Reporting in the U.S. March 31, 2008 May 8, 2008 May 30, 2008 Fiscal Year End Preliminary Release of Key Results Final Release of Annual Report . | Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Fundamentals of Financial Accounting 3e by Phillips, Libby, and Libby. Chapter 5 Financial Reporting and Analysis PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Fred Phillips, Ph.D., CA Chapter 5: Financial Reporting and Analysis Accounting Fraud Opportunity (How?) Incentive (Why?) Character (Who?) The Fraud Triangle 5- Three things have to exist for accounting fraud to occur. First, there must be an incentive for someone to commit the fraud. Second, an opportunity must exist to commit the fraud. Third, the person committing the fraud must possess personal characteristics that allow the fraud to be rationalized and concealed. Fraud investigators refer to these three elements as the “fraud triangle.” The Sarbanes-Oxley (SOX) Act SOX Counteract Incentives Reduce Opportunities Encourage Good Character 5- The .