- NY Credits : 6.0
- TX Credits : 6.0
It is critical that financial reports prepared for stakeholders be materially accurate. A company's internal controls are designed to provide reasonable assurance that the financial information prepared is reliable. With the many headlines in recent years regarding abuse by management and intentional misstatement of financial results, internal controls have received front page headlines. As a result, the federal government passed the Sarbanes-Oxley Act, which requires management to state its responsibility for: (1) establishing and maintaining an adequate internal control structure and procedures for financial reporting; and (2) assessing the effectiveness of its internal control structure and procedures. This program examines how the Sarbanes-Oxley Act has impacted companies. It also discusses how the accounting function can establish itself to help the organization achieve both short- and long-term goals, as well as meet new regulatory compliance requirements. The critical aspects of organizing an accounting department are discussed, as well as the functions and responsibilities of most accounting departments. Effective organization of the department is considered. This program also reviews many of the financial ratios utilized by management to analyze financial results and assist in making informed decisions.
Upon successful completion of Corporate Controllership, the user should be able to:
recognize the importance of providing timely, accurate, and usable reports,
identify the ethical responsibilities of the members of the accounting department,
recognize the components of working capital and why they are important to manage,
identify how net present value can be used to manage working capital,
recognize the importance of analyzing financial results,
identify and use the standard financial ratios and benchmarking methods,
identify how the Sarbanes-Oxley Act impacts internal controls, and
recognize the importance of internal control checklists and key internal controls in each of the functions within the accounting department.