Safeguarding Assets: The SOX Act Essay examples -- The Sarbanes- Oxley

What is internal control? According to University of Phoenix, Axia College interior Control and Cash (2009), internal control is all of the related methods and measures select within an organization to safeguard its assets and enhance the accuracy and reliability of its business relationship records. The primary reasons for internal control are help companies protect their investments and swop against theft from everyone, including employees and to make sure that the accounting is done correctly and truthfully. there are six principals of internal control that apply to most enterprises. establishment of responsibility- gives only one employee responsibility over a certain task. person is less likely to steal if they are the only person that good deal be linked back to a task. Segregation of Duties- different large number are responsible for related activities and record keeping for assets is kept differentiate from physical custody of assets. Physical, automatonlike, and Electronic control- Physicalcontrols relate to the safeguarding of assets, examples would be safes and locks. Mechanical and...