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Chapter 4 Discussion Questions Please restate the question before responding: 1. What is internal control? Why should a company establish an internal control system? 2. "Managers are stewards of the company's assets." Discuss what this means. 3. Why are some managers motivated to manipulate amounts reported in the financial statements? 4. What is meant by the fraud triangle, and what can companies do to help prevent fraud? 5. What are some of the major provisions of the Sarbanes-Oxley Act? 6. Briefly describe the five components of internal control outlined by the Committee of Sponsoring Organizations (COSO). 7. What are some limitations of internal control? 8. Define cash and cash equivalents. 9. What is a credit cd? How are credit card sales reported? 10. What is a bank reconciliation? How can it help in determining whether proper control of cash has been maintained? 11. What are two primary reasons that the company's balance of cash will differ between its own records and those of the bank? 12. Give two examples of timing differences in cash transactions that firms need to account for in a bank reconciliation