What is a triangle of efficiency which involve the three, Accounting Basics

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What is a triangle of efficiency which involve the three

Discussion questions: 1. What is a Triangle of Efficiency which involve the three knowledge components?

2. What is the Conceptual Approach to Internal Controls?

3. If an employee made a mistake that resulted in loss of company funds and misstated financial reports, would the employee be guilty of fraud? Why or why not?

4. Explain what Section 404 of the Sarbanes-Oxley Act requires of management regarding internal control systems. Do you think this section is comprehensive or are there any shortcomings?

5. What are the five Principles regarding the control environment of the organization?

Answer each question in 200 or more words

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