The Financial Reporting Cycle of a business does not process transactions as do the other cycles that have been described. Rather, it obtains accounting and operating information from other cycles and analyzes, evaluates, summarizes, reconciles, adjusts, and reclassifies such information so that it may be reported to management and/or outsiders.

From an accounting standpoint, journal entries are received by the financial reporting cycle from the transaction processing cycles and posted to the general ledger. The general ledger accounts are reconciled to supporting information, analyzed, and revalued where appropriate.

The end products of a financial reporting cycle usually include financial statements prepared in accordance with generally accepted accounting principles.

Course Key Concepts: Internal Accounting Controls, SOX 404, ICFR, Internal Control over Financial Reporting, Independent Public Accountants, Internal Auditors, Business Cycles, Treasury, Expenditure, Purchasing, Payroll, Conversion, Revenue.

Learning Objectives
  • Identify and understand the objectives and limitations of Financial Reporting Cycle Accounting Controls.
  • Explore the process for risk assessing Financial Reporting Cycle Accounting Controls.
  • Recognize the importance of Financial Reporting Cycle Accounting Control Goals.
Last updated/reviewed: October 30, 2024

Included In Certifications

This course is included in the following Certification Programs:

7 CoursesAssessing Business Cycle Accounting Controls Certification

  1. A Framework for Assessing Business Cycle Accounting Controls - Introduction
  2. A Framework for Assessing Business Cycle Accounting Controls – Treasury Cycle
  3. A Framework for Assessing Business Cycle Accounting Controls - Expenditure Cycle - Purchasing
  4. A Framework for Assessing Business Cycle Accounting Controls - Expenditure Cycle - Payroll
  5. A Framework for Assessing Business Cycle Accounting Controls - Conversion Cycle
  6. A Framework for Assessing Business Cycle Accounting Controls - Revenue Cycle
  7. A Framework for Assessing Business Cycle Accounting Controls - Financial Reporting Cycle
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course. Students should have a basic knowledge of accounting principles and terminology.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview
Course Syllabus
INTRODUCTION AND OVERVIEW
  Course Outline1:20
  The Concept of Internal Controls10:30
  Financial Reporting Business Cycle - Typical Functions and Impacts5:28
  Financial Reporting Cycle Control Goals - Goals 1 to 610:10
  Financial Reporting Cycle Control Goals - Goals 7 to 1110:14
  Financial Planning and Control Goals6:48
  Conclusion0:24
CONTINUOUS PLAY
  A Framework for Assessing Business Cycle Accounting Controls - Financial Reporting Cycle44:54
SUPPORTING MATERIAL
  Slides: A Framework for Assessing Business Cycle Accounting Controls - Financial Reporting CyclePDF
  A Framework for Assessing Business Cycle Accounting Controls - Financial Reporting Cycle Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam