New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here


by: Seon Notetaker

Acct ACCT 2810 - 001

Seon Notetaker
GPA 3.5

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Internal controls
Fundamentals Of Accounting
Jennifer Norheim Cornett
Class Notes
25 ?




Popular in Fundamentals Of Accounting

Popular in Accounting

This 2 page Class Notes was uploaded by Seon Notetaker on Saturday March 5, 2016. The Class Notes belongs to ACCT 2810 - 001 at Auburn University taught by Jennifer Norheim Cornett in Fall 2015. Since its upload, it has received 32 views. For similar materials see Fundamentals Of Accounting in Accounting at Auburn University.


Reviews for Acct


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 03/05/16
The owner was very irresponsible because he trusted one person with his money that he made from his property management company. The net income was very high but there was no cash to prove that. He hired an accounting firm but he just made them review it. There was no cash flow statement. With a cash flow statement, it would have been easier to detect where exactly the money was going. The owner should have done a better job at monitoring. With monitoring he would of recognize the warning signs such as abrupt change in lifestyles like driving a new Lexus and missing documents such as the pages that were missing from the bank statements. Another element of internal control is control environment. The owner’s management philosophy and operating style should have been better by emphasizing control policies. I feel like he was right not to prosecute the fraudster because he knew her for a long time and even knew her parents. The money its going to take to get a lawyer and go through trial would have cost a lot of money so that’s also something to take account for. I think that she learned from her mistake because her parents got a second mortgage on there house so she wouldn’t go to jail. So that’s a reminder to her everyday.


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.