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Financial Accounting: Fraud & Sarbanes–Oxley Act of 2002

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Sarbanes Oxley Act Section 406 is the code of ethics for senior financial officers, the standard as are reasonably to promote honest and ethical conduct, including the ethical handling of actual or apparent conflict of interest between personal and professional relationships. Thus, it compliance with applicable governmental rules and regulations.

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•Analyzes the social impact of computer techinology and formulatioon and justification of policies for the ethical use of technology

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•How do managers decide what is the rigth in conducting businiess?

•Once recognized, how do managers achieve what is right?

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•Principles of conduct used in making choices and guiding behavior in situations involving the concept of right and wrong.

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•Common application is the two code state abbreviation or college course coding
•Codes convey a high degree of information
•Disadvantage is limited ability to represent items within a class

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•May use sequential, block or group coding techniques
•Dramatically increses the capacity to represent large numbers of items
•Disadvantages are it is difficult to rationalize the meaning of the codes and they tend to be difficult for users to sort

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Time lag between components due to credit relationship with customers.
Physical component (sales order processing)
Financial component (cash receipts)

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•Production system (planning, scheduling and control of the physical product through the manufacturing process)

•Cost accounting system (monitors the flow of cost information related to production)

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•Time lag between components due to credit relationship with suppliers.

•Physical component (acquisition of goods)

•Financial component (cash disbursements to the supplier)

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Overview

·         A financial transaction is an economic event that affects the assets and equities of the firms, is reflected in its accounts and is measured in monetary terms.

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Financial Transaction & Non-financial Transaction

•Financial Transaction

An economic event that affect the assets and equities of the organization

•Non-financial Transaction

•An event that doesn't meet the definition of a financial transaction

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Accounting Information System and Management Information System

•Accounting Information System
Subsystems process financial transactions and nonfinancial transactions that directly affect the processing of financial transactions (changes to customers' names and addresses are process by the AIS to keep the customer file current

•Management Information System
Processes nonfinancial transactions that are not normally processed by traditional IS. MIS manages the information systems for specialized functional areas such as production planning and control, sales forecasting, inventory warehouse planning, market research, and so on.

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Information flows within the business environment.

·         Information is a business source

·         Operations management: Directly responsible for controlling day-to-day operations.

·         Middle management: Accountable for short-term planning and coordinating activities to accomplish organizational objectives.

·         Top management: Responsible for long term planning and setting organizational objectives

·         External users: Trading partners and stakeholders.

The three level of information flows within the business kept everything in the business going. All three-management play lots of important role in the business. For example, the top management is responsible for long term planning and setting organizational objectives. Setting perfect goal for the organization will provide positive influence towards the lower management to achieve daily objectives.

Accounting Information System and Management Information System
•Accounting Information System