Title: Module 3 Introduction: (CU2 M3) The Challenges of Accounting: Standards, Internal Control, Audits, Fraud, & Ethics
Course: SkillsCom BA 211 15.0 > Section: Credit Unit 2 Module 3

This Module begins by discussing the rules that govern accounting, including GAAP and IFRS. Next, the chapter defines an internal control system and discusses the elements and objectives of internal control. Varying types of fraud and the fraud triangle are then discussed. This is followed by an explanation of the ethical and legal responsibilities of an accountant, including the Sarbanes-Oxley Act and the role of the Public Company Accounting Oversight Board. The Module concludes with an explanation of book value and market value.

Module Outcomes:

- Understand the interrelationship of accounting to other areas of business.
- Have familiarity with generally accepted accounting principles.
- Interpret the effect of business transaction on the accounting system.