CHAPTER 7 - SARBANES-OXLEY, INTERNAL CONTROL, CASH. Material Copyright- Protected: Janice Stoudemire and Barbara wagers
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1 CHAPTER 7 - SARBANES-OXLEY, INTERNAL CONTROL, CASH Material Copyright- Protected: Janice Stoudemire and Barbara wagers
2 Chapter 7 SARBANES-OXLEY, INTERNAL CONTROL, CASH Learning Objectives 1. Sarbanes-Oxley 2. Internal Controls 3.Cash Internal Controls 4. Bank Accounts 5. Bank Reconciliation 6. Omit 7. Balance Sheet Cash Presentation
3 MEET YOUR GUIDE:
4 ANDY GRIFFITH SHOW TRIVIA How many times did Barney wear a dress? 3
5 ANDY GRIFFITH SHOW TRIVIA How many times did Barney accidentally fired his pistol? 8 3 into courthouse floor 1 into courthouse ceiling 2 into the air 1 into Andy's front porch 1 into a tire on a squad car.
6 DESCRIBE THE SARBANES-OXLEY ACT OF 2002 AND ITS IMPACT ON INTERNAL CONTROLS AND FINANCIAL REPORTING
7 SARBANES-OXLEY WHY WAS IT PASSED? RESTORE PUBLIC CONFIDENCE, TRUST IN FINANCIAL STATEMENTS Public outcry from scandals Only companies whose stock is publicly traded
8 SARBANES-OXLEY WHAT DOES IT REQUIRE? EFFECTIVE INTERNAL CONTROLS Maintain strong, effective internal controls - deter fraud, prevent misleading financial statements Report on effectiveness of company s internal controls file with SEC
9 DESCRIBE AND ILLUSTRATE THE OBJECTIVES AND ELEMENTS OF INTERNAL CONTROL
10 INTERNAL CONTROLS Policies and procedures a company uses to (sace): Safeguard assets Produce reliable accounting records and business info Encourage compliance with policies and laws Promote efficiency
11 INTERNAL CONTROLS Designed to give REASONABLE assurance that errors and irregularities will be prevented or detected on a timely basis
12 FIVE ELEMENTS OF INTERNAL CONTROL Control environment Risk assessment Control procedures Monitoring Information and Communication
13 CONTROL ENVIRONMENT Overall attitude, awareness, actions of management towards controls Management s philosophy and operating style Organizational structure
14 RISK ASSESSMENT Identifying risks and taking actions to control them
15 CONTROL PROCEDURES Separation of duties for related operations why? Separation of duties for operations, custody of assets, accounting why? Sound personnel policies Proofs and security measures Authorization and approval Reconciliation Restricted access, physical security Physical counts
16 MONITORING Warning signs from employee behavior Warning signs from accounting system
17 INFORMATION AND COMMUNICATION
18 LIMITATIONS OF INTERNAL CONTROL Errors and irregularities MAY still occur! Human error, collusion, dishonesty, misunderstanding, errors in judgment, carelessness Cost-benefit
19 DESCRIBE AND ILLUSTRATE THE APPLICATION OF INTERNAL CONTROLS TO CASH
20 INTERNAL CONTROLS OVER CASH Why SO Important? Cash is the most vulnerable asset!
21 INTERNAL CONTROLS OVER CASH Separation of duties for ARC Authorizing, Recording, Custody Why?
22 INTERNAL CONTROLS OVER CASH Other Control Procedures Limit access to cash Limit cash on hand Bonding
23
24 INTERNAL CONTROLS OVER CASH Physical protection Surprise cash counts Prompt recording/deposits Using checks Bank reconciliation
25 CONTROL OF CASH CASH RECEIPTS
26 CONTROL OF CASH CASH RECEIPTS Preventative versus Detective controls what s the difference?
27 CONTROL OF CASH CASH RECEIPTS General Controls: 1) Record cash receipts immediately 2) Urge customers to pay by check 3) Separation of duties
28 CONTROL OF CASH RECEIVED IN MAIL (ON ACCOUNT) One employee: Compares cash received to remittance advice Restrictively endorses checks Sends cash to cashier for deposits it and sends copy of deposit slip to Accounting Department Sends remittance advices to Acc. Department to record and reconcile
29 CONTROL OF CASH RECEIVED IN MAIL (ON ACCOUNT) Independent person reconciles list of receipts to cash deposits on bank statement Cashier handles cash; Accounting Department records cash (good separation of duties)
30 CONTROL OF CASH RECEIVED FROM CASH SALES Remind customers to get receipt Cash registers or renumbered sales tickets Customer can see amount
31 CONTROL OF CASH RECEIVED FROM CASH SALES At end of shift, clerk and supervisor count cash and reconcile to register Send cash to cashier, who deposits it and sends copy of deposit slip to Acc. Dpt. Send register receipts to Acc. Dpt. to record journal entry and reconcile with amount deposited
32 DISCREPANCIES IN CASH What happens when you don t actually have as much cash in the cash drawer as you should have (per the register tape?) Use the account Cash Short and Over!
33 DISCREPANCIES IN CASH Are you short? Debit Cash Short and Over (like expense) Are you over? Credit Cash Short and Over (like revenue)
34 DISCREPANCIES IN CASH Journal entry: Cash (amount in drawer) Cash Short & Over (for shortage) Cash Short & Over (for overage) Sales (amount per register tape)
35 DISCREPANCIES IN CASH Balance in Cash Short and Over goes on Income Statement as: EXPENSE if it had DEBIT balance OR REVENUE if it had CREDIT balance at end of the period.
36 DISCREPANCIES IN CASH - EXAMPLE Barney Fife s cash register shows sales of $500, but only $491 is in the cash drawer. Are we over or short? $ = $9 short
37 DISCREPANCIES IN CASH - EXAMPLE Journal entry Cash ( ) 491 Cash Short and Over 9 Sales ( ) 500
38 DISCREPANCIES IN CASH - EXAMPLE Barney Fife s cash register shows sales of $500, but $504 is in the cash drawer. Are we over or short? $ = $4 over
39 DISCREPANCIES IN CASH - EXAMPLE Journal entry Cash ( ) 504 Sales ( ) 500 Cash Short and Over 4
40 HONEWORK: EXERCISE 7-12 EXERCISE 7-13 Recording cash sales
41 CASH RECEIVED FROM EFT Less costly than receiving cash Better internal controls - not handled by employees Speeds up processing of receipts
42 CONTROL OF CASH CASH PAYMENTS
43 INTERNAL CONTROL FOR PURCHASING AND PAYING FOR GOODS AND SERVICES PURCHASE ORDER
44 CONTROL OF PURCHASING Concerns: unauthorized purchases Key: proper documentation and authorization (separation of duties) Houghton Mifflin
45 INTERNAL CONTROL FOR PURCHASING AND PAYING FOR GOODS AND SERVICES Check Invoice SUPPLIER Deposit Ticket BANKING SYSTEM 3 7 Goods Purchase Order THE COMPANY 2 PURCHASING DEPARTMENT Purchase Requisition 1 REQUESTING DEPARTMENT Goods 4 RECEIVING DEPARTMENT Purchase Order Copy Receiving Report ACCOUNTING DEPARTMENT 5 Check Authorization (with documentation) 6 TREASURER Monthly Bank Statement
46 VOUCHER SYSTEM Procedures, journals, forms to provide increased controls over cash payments Audit trail" of evidence Separates the duties of Authorizing expenditures Receiving goods/services Ensuring accuracy/validity of liabilities before paying them Paying expenditures
47 VOUCHER SYSTEM When expense incurred, prepare voucher - prenumbered form on which we document: Verified ACCURACY, VALIDITY of expenditure Expenditure has been AUTHORIZED for payment ACCOUNTS in which to record
48 VOUCHER SYSTEM Attach supporting documentation Voucher serves as "permission slip" to authorize payment for expenditure later Checks can be written only for APPROVED and AUTHORIZED vouchers
49 CASH PAID BY EFT Pay bills via computers Includes direct depositing of employee paychecks
50 HOMEWORK: EXERCISE 7-3 EXERCISE 7-10 PROBLEM 7-1A Identify internal control weakness
51 DESCRIBE THE NATURE OF A BANK ACCOUNT AND ITS USE IN CONTROLLING CASH
52 FEATURES OF BANK ACCOUNT Signature card Deposit ticket (receipt from bank) Check prenumbered, preprinted, encoded Drawer (maker) versus Payee Transaction Register Remittance Advice Bank Statement Multiple accounts
53 HOW DOES USE OF BANK ACCT. IMPROVE CONTROLS? Double record of transactions one by company, another by bank Can reconcile these two records but by who?
54 DESCRIBE AND ILLUSTRATE THE USE OF A BANK RECONCILIATION IN CONTROLLING CASH
55 BANK RECONCILIATION Provides control over cash Cash account balance on the books rarely agrees with that on the bank statement.
56 BANK RECONCILIATION Timing differences between when items are recorded on our books and when they are appear on the Bank Statement Must reconcile the bank and books to determine the true cash balance
57 ADJUSTMENTS Who do we make the adjustment to? Bank or books? Whoever is WRONG regarding the item!!
58 SAMPLE RECONCILIATION Balance per BANK Add: Adjustments Equals: Subtotal Less: Adjustments Adjusted bank balance Balance per BOOKS Add: Adjustments Equals: Subtotal Less: Adjustments Adjusted book balance XX XX XX XX XX XX XX XX XX XX
59 Power Networking Bank Reconciliation July 31, 2003 Balance per bank statement $3, Add deposit of July 31, not recorded by bank $4, Deduct outstanding checks: No. 812 $1, No No , Adjusted balance $2, Balance per company s books $2, Add note and interest collected by bank $2, Deduct: Check NSF check returned $ Bank service charges Error in recording Check No Adjusted balance $2,630.99
60 ADJUSTMENTS TO MAKE TO BOOKS Adjustments will be made to the BOOK balance when our BOOKS are WRONG regarding an item Be careful of the bank s use of debit & credit
61 ADJUSTMENTS TO ADD TO BOOKS Items bank has correctly recorded as increasing cash, but we haven t recorded them on our books yet Interest earned Note Receiv. collected by bank Errors we made that understate cash on books (overstate check or understate deposit) Why ADD these?
62 ADJUSTMENTS TO SUBTRACT FROM BOOKS Items bank has correctly recorded as decreasing cash, but we haven t recorded them on our books yet Bank Service Charges NSF Checks Errors we made that overstate cash on books (understate check or overstate deposit) Why SUBTRACT these?
63 ADJUSTMENTS TO MAKE TO BANK Adjustments will be made to the BANK balance when the BANK is WRONG regarding an item
64 ADJUSTMENTS TO ADD TO BANK Items WE have correctly recorded as INCREASING cash, but the bank has NOT recorded them yet Deposits in transit Bank errors that UNDERSTATE cash at bank Why ADD these?
65 ADJUSTMENTS TO SUBTRACT FROM BANK Items WE have correctly recorded as DECREASING cash, but the bank has NOT recorded them yet Outstanding checks Bank errors that OVERSTATE cash at bank Why SUBTRACT these?
66 BANK RECONCILIATION Errors may occur by the bank or company and require reconciliation.
67 BANK RECONCILATION - EXAMPLE
68 ANDY GRIFFITH SHOW TRIVIA How many stoplights are there in Mayberry? 1 How many miles does Aunt Bea have on her car? 145,000
69 BANK RECONCILIATION Balance per Barney s Bank St. on 12/31/2018 $4,000 Bank Balance per Barney s Books on 12/31/2018 $1,500 Note ($1,000) plus interest ($30) collected by bank for Barney $1,030 Bank service charges $10 Deposits not credited by bank (made 12/31/2018) $540
70 BANK RECONCILIATION PER THE BANK Balance per Bank, 12/31/2018 $4,000
71 BANK RECONCILIATION Balance per Barney s Bank St. on 12/31/2018 $4,000 Balance per Barney s Books on 12/31/2018 $1,500 Note ($1,000) plus interest ($30) collected by bank for Barney $1,030 Bank service charges $10 Deposits not credited by bank (made 12/31/2018) $540
72 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500
73 BANK RECONCILIATION Balance per Barney s Bank St. on 12/31/2018 $4,000 Balance per Barney s Books on 12/31/2018 $1,500 Note ($1,000) plus interest ($30) collected by bank for Barney Books - add $1,030 Bank service charges $10 Deposits not credited by bank (made 12/31/2018) $540
74 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,03 0
75 BANK RECONCILIATION Balance per Barney s Bank St. on 12/31/2018 $4,000 Balance per Barney s Books on 12/31/2018 $1,500 Note ($1,000) plus interest ($30) collected by bank for Barney Books - add $1,030 Bank service charges Books - subtract $10 Deposits not credited by bank (made 12/31/2018) $540
76 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Subtract: Bank service charges $ 10
77 BANK RECONCILIATION Balance per Barney s Bank St. on 12/31/2018 $4,000 Balance per Barney s Books on 12/31/2018 $1,500 Note ($1,000) plus interest ($30) collected by bank for Barney Books - add $1,030 Bank service charges Books - subtract $10 Deposits not credited by bank (made 12/31/2018) Bank - add $540
78 BANK RECONCILIATION PER THE BANK Balance per Bank, 12/31/2018 $4,000 Add: Deposit in transit $540
79 BANK RECONCILIATION Customer's check (from Opie) returned NSF Books - subtract $100 Checks Barney wrote that haven t cleared the bank $2,288 Check charged to Barney in error by the bank $200
80 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Subtract: Bank svc. charges $ 10 NSF check 100
81 BANK RECONCILIATION Customer's check (from Opie) returned NSF Books - subtract $100 Checks Barney wrote that haven t cleared the bank Bank - subtract $2,288 Check charged to Barney in error by the bank $200
82 BANK RECONCILIATION PER THE BANK Balance per Bank, 12/31/2018 $4,000 Add: Deposit in transit $540 Subtract: Outstanding checks 2,288
83 BANK RECONCILIATION Customer's check (from Opie) returned NSF Books - subtract $100 Checks Barney wrote that haven t cleared the bank Bank - subtract $2,288 Check charged to Barney in error by the bank $200 Bank - add
84 BANK RECONCILIATION PER THE BANK Balance per Bank, 12/31/2018 $4,000 Add: Deposit in transit $540 Check charged us in error Subtract: Outstanding checks 2,288
85 BANK RECONCILIATION PER THE BANK Balance per Bank, 12/31/2018 $4,000 Add: Deposit in transit $540 Check charged us in error Subtotal $4,740 Subtract: Outstanding checks 2,288
86 BANK RECONCILIATION PER THE BANK Balance per Bank, 12/31/2018 $4,000 Add: Deposit in transit $540 Check charged us in error Subtotal $4,740 Subtract: Outstanding checks 2,288 Adjusted Balance, 12/31/2018 $2,452
87 BANK RECONCILIATION A $275 check (for postage) was recorded in the Cash Payments Journal as $257. Original Entry: Postage Expense 257 Cash 257 Difference is $18 Correct Entry: Postage Expense 275 Cash 275 Books subtract $18
88 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
89 Books add $50 BANK RECONCILIATION A $350 deposit (for cash sales) was recorded on the books for $300. Original Entry: Cash 300 Sales 300 Difference is $50 Correct Entry: Cash 350 Sales 350
90 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
91 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtotal $2,580 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
92 BANK RECONCILIATION PER THE BOOKS Balance per Company s Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtotal $2,580 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check Adjusted Balance, 12/31/18 $2,452
93 IN CLASS EXERCISE 7-18 Bank reconciliation
94
95 ANDY GRIFFITH SHOW TRIVIA How were Deputy Barney Fife and Sheriff Andy Taylor related? Cousins What famous actor appeared in the episode, "Aunt Bea, the Juror? Jack Nicholson
96 BANK RECONCILIATION Must make journal entries so the Cash account balance in the General Ledger equals the new adjusted cash balance!
97 BANK RECONCILIATION Journal entries must be made for all adjustments to the BOOKS Why? Why not for adjustments to the BANK?
98 JOURNAL ENTRIES Adjustment ADDED to books? DEBIT cash (increase it) Adjustment SUBTRACTED from books? CREDIT cash (decrease it) Adjustment for ERROR on books? Jot down original entry
99 EXAMPLES OF TRANSACTIONS REQUIRING JOURNAL ENTRIES Example: interest earned on account Cash ( ) Interest Income ( ) Example: note receivable and interest collected by bank Cash ( ) Note Receivable ( ) Interest Income ( )
100 EXAMPLES OF TRANSACTIONS REQUIRING JOURNAL ENTRIES Example: NSF check Accounts Receivable ( ) Cash ( ) Example: Bank service charges Bank Charge Expense ( ) Cash ( )
101 BANK RECONCILIATION PER THE BOOKS Balance per Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
102 JOURNAL ENTRIES - EXAMPLE Handout page 15 Cash ( ) (total) Note Receivable ( ) 1,000 Interest Income ( ) 30
103 BANK RECONCILIATION PER THE BOOKS Balance per Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
104 JOURNAL ENTRIES - EXAMPLE Handout page 15 Cash ( ) (total) 1,080 Note Receivable ( ) 1,000 Interest Income ( ) 30 Sales ( ) 50
105 BANK RECONCILIATION PER THE BOOKS Balance per Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
106 JOURNAL ENTRIES - EXAMPLE Bank Svc. Charge Exp.( ) 10 Cash ( ) (total)
107 BANK RECONCILIATION PER THE BOOKS Balance per Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
108 JOURNAL ENTRIES - EXAMPLE Bank Svc. Charge Exp.( ) 10 Acc. Rec., Opie ( ) 100 Cash ( ) (total)
109 BANK RECONCILIATION PER THE BOOKS Balance per Books 12/31/18 $1,500 Add: Note and interest collected by bank $1,030 Error in rec. deposit 50 1,080 Subtract: Bank svc. charges $ 10 NSF check 100 Error in recording check
110 JOURNAL ENTRIES - EXAMPLE Bank Svc. Charge Exp.( ) 10 Acc. Rec., Opie ( ) 100 Postage Expense ( ) 18 Cash ( ) (total) 128
111 WHAT IS ENDING BALANCE IN CASH IN GENERAL LEDGER? 1,500 CASH 1, ,452 WHAT IS BARNEY S TRUE" CASH BALANCE? $2,452
112 HOMEWORK: EXERCISE 7-19 PROBLEM 7-3A PROBLEM 7-5A Bank reconciliation, journal entries
113 OMIT!!
114 DESCRIBE AND ILLUSTRATE THE REPORTING OF CASH AND CASH EQUIVALENTS IN THE FINANCIAL STATEMENTS
115 A CURRENT ASSET First current asset why? Usually one figure presented for cash (all accounts combined) What are Cash Equivalents? Cash and Cash Equivalents on Balance Sheet
116 COMPENSATING BALANCE Minimum cash balance we may be required to keep at bank as part of loan agreement or line of credit Disclose in notes to statements
117 ANDY GRIFFITH SHOW TRIVIA How many Emmys did Don Knotts win? 5 for Outstanding Performance by Actor in a Supporting Role Mayberry, North Carolina was based upon what city? Mt. Airy, North Carolina: Andy Griffith's birthplace
118 Chapter 7 SARBANES-OXLEY, INTERNAL CONTROL, CASH Learning Objectives 1. Sarbanes-Oxley 2. Internal Controls 3.Cash Internal Controls 4. Bank Accounts 5. Bank Reconciliation 6. Omit 7. Balance Sheet Cash Presentation
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