Discussion:
We learn about the concept of Internal Control. This is the policies, procedures and practices that a company puts in place to make sure that company assets are protected and that the company's accounting records are true and accurate. The material in the chapter that discusses the Sarbanes-Oxley Act emphasizes how important Internal Controls are and the penalties that can be imposed on a company for not following good internal control practices. Please answer the following questions regarding Internal Controls.
1. Of all of the internal control procedures and practices suggested in the chapter, which 3 do you think are the most important.
2. Explain the reason why you chose each of them and why you think they are the most important.