1. Depositing cash and reconciling bank statements
2. Approving time cards and distributing paychecks
3. Preparing an order and changing a billing document
4. Changing an order and creating a delivery
5. Creating a journal entry and opening a closed accounting period
6. Creating general ledger accounts and posting journal entries
7. Maintaining accounts receivable master data and posting receipts
8. Maintaining bank account information and posting payments
9. Maintaining assets and creating a goods receipt (more…)
Popularity: 18% [?]
According a survey from KPMG and the National Association of Corporate Directors. The top priority for audit committee agendas are:
1. Risk Management
2. Accounting Judgments and Estimates
3. IT Risk and Governance
28 percent of audit committee members are “very satisfied” they understand the process that management uses to identify and assess significant business risks, and only 21 percent are “very satisfied” with the risk reports they receive from management
And, while nine out of 10 respondents say their audit committee is more effective now than before the Sarbanes-Oxley legislation was enacted in 2002, many acknowledge there is still room for improvement — particularly in the area of risk management, which they cited as their top priority. (more…)
Popularity: 7% [?]
Latest survey from Georgia State and Clemson universities about Sarbanes Oxley. Said that While the chiefs of corporations across the United States view the 2002 federal accounting statute as reactionary and over-burdensome, they still cite “improper accounting practices” as the No. 1 ethical issue facing business today, according to a survey conducted by ethics centers at Georgia State and Clemson universities.
Respondent: 293 chief executives at both private and public companies in 48 states.
Result:
- 62 % of executives agreed that the Sarbanes-Oxley Act strengthened public and investor trust in corporate America
- 74 % said it had done nothing to improve ethical standards at their businesses.
- 68 % agreed that the act was an overreaction to the ethical failures of a handful of executives and has proven burdensome and unnecessary. (more…)
Popularity: 7% [?]